Garmin (GRMN) FY2013 results: revenue $2.6 billion, down 3.1% on the year
Garmin Ltd. (GRMN) reported revenue of $2.6 billion for fiscal 2013, the year ended 28 December 2013, down 3.1% on the year before. Net income was $612 million, up 12.9%, and diluted earnings per share $3.12. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2014.
Revenue
$2.6 billion
-3.1% on the year
FY2007FY2013
Operating margin
21.8%
22.2% a year earlier
FY2007FY2013
Net income
$612 million
+12.9% on the year
FY2007FY2013
Diluted EPS
$3.12
+13.0% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,632
2,716
2,759
-3.1%
Cost of revenue
1,225
1,277
1,420
-4.1%
Gross profit
1,407
1,438
1,339
-2.2%
Gross margin
53.5%
53.0%
48.5%
Research and development
365
326
299
+12.0%
Selling, general and administrative
355
370
341
-3.9%
Operating income
574
604
554
-5.0%
Operating margin
21.8%
22.2%
20.1%
Pre-tax income
654
625
584
+4.6%
Income tax
41.1
82.1
63.3
-49.9%
Effective tax rate
6.3%
13.1%
10.8%
Net income
612
542
521
+12.9%
Net margin
23.3%
20.0%
18.9%
Diluted EPS
$3.12
$2.76
$2.67
+13.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
630
685
822
-8.0%
Capital expenditure
56.1
38.4
38.4
+45.9%
Free cash flow
574
646
784
-11.2%
Free cash flow margin
21.8%
23.8%
28.4%
Cash from investing
n/a
-496
-488
Cash from financing
n/a
-250
-307
Depreciation and amortisation
66.3
74.1
79.4
-10.5%
Share-based compensation
22.6
29.3
40.2
-22.8%
Buybacks
58.4
18.7
22.3
+211.7%
Dividends paid
352
253
311
+38.8%
Dividend per share
$0.90
$0.90
$1.60
0.0%
Diluted shares, weighted
196m
196m
195m
+0.1%
Shares outstanding at period end
195m
196m
195m
-0.2%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
3,660
3,532
3,257
+3.6%
Debt
0.0
0.0
0.0
Other liabilities
1,220
1,287
1,215
-5.2%
Total liabilities and equity
4,880
4,819
4,471
+1.3%
Fixed assets
415
410
417
+1.2%
Goodwill
179
176
179
+1.8%
Investments
1,652
1,641
1,208
+0.6%
Cash and equivalents
1,179
1,231
1,287
-4.2%
Receivables
565
604
607
-6.5%
Inventory
382
390
398
-2.0%
Other assets
508
367
374
+38.2%
Total assets
4,880
4,819
4,471
+1.3%
10-K for the year ended 28 December 2013, filed 19 February 2014: the filing.