Garmin (GRMN) FY2019 results: revenue $3.8 billion, up 12.2% on the year
Garmin Ltd. (GRMN) reported revenue of $3.8 billion for fiscal 2019, the year ended 28 December 2019, up 12.2% on the year before. Net income was $952 million, up 37.2%, and diluted earnings per share $4.99. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$3.8 billion
+12.2% on the year
FY2012FY2019
Operating margin
25.2%
23.3% a year earlier
FY2012FY2019
Net income
$952 million
+37.2% on the year
FY2012FY2019
Diluted EPS
$4.99
+36.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,758
3,347
3,122
+12.2%
Cost of revenue
1,524
1,368
1,324
+11.4%
Gross profit
2,234
1,980
1,798
+12.8%
Gross margin
59.5%
59.1%
57.6%
Research and development
605
568
512
+6.6%
Selling, general and administrative
519
478
438
+8.4%
Operating income
946
778
684
+21.5%
Operating margin
25.2%
23.3%
21.9%
Pre-tax income
987
823
697
+19.9%
Income tax
34.7
129
-11.9
-73.1%
Effective tax rate
3.5%
15.7%
-1.7%
Net income
952
694
709
+37.2%
Net margin
25.3%
20.7%
22.7%
Diluted EPS
$4.99
$3.66
$3.76
+36.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
699
920
661
-24.0%
Capital expenditure
118
156
140
-24.2%
Free cash flow
581
764
521
-24.0%
Free cash flow margin
15.4%
22.8%
16.7%
Cash from investing
-451
-308
-195
Cash from financing
-416
-286
-448
Depreciation and amortisation
98.1
86.6
80.8
+13.3%
Share-based compensation
63.4
56.4
44.7
+12.4%
Buybacks
n/a
n/a
74.5
Dividends paid
417
296
383
+40.9%
Dividend per share
$2.28
$2.12
$1.53
+7.5%
Diluted shares, weighted
191m
n/a
189m
Shares outstanding at period end
191m
189,461
188m
+100,546.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,793
4,163
3,852
+15.1%
Debt
0.0
0.0
0.0
Operating lease liabilities
49.2
0.0
n/a
Other liabilities
1,324
1,220
1,096
+8.5%
Total liabilities and equity
6,167
5,383
4,948
+14.6%
Fixed assets
729
664
596
+9.9%
Goodwill
467
301
287
+55.2%
Investments
1,582
1,513
1,422
+4.5%
Cash and equivalents
1,028
1,202
891
-14.5%
Receivables
707
570
591
+24.0%
Inventory
753
562
518
+34.0%
Other assets
902
572
644
+57.7%
Total assets
6,167
5,383
4,948
+14.6%
10-K for the year ended 28 December 2019, filed 19 February 2020: the filing.