Garmin Q4 2010: Revenue Down 21%, EPS Down 51%
Garmin's 2010 operating income by segment
Garmin today reported weak fourth quarter 2010 earnings; the collapse of the PND market (25% unit drop in North America according to TomTom) is by far the reason why Garmin posted revenue down 21 percent ($838 million) and diluted earnings per share down 51percent in the quarter.
"The automotive/mobile segment revenues declined 31% on a year-over-year basis in the fourth quarter as the PND market declined from the 2009 holiday season, ASPs continued to decline, and significant revenues from bundled lifetime map products were deferred into future periods," wrote Garmin. The company expects the PND market to decline around 10 percent worldwide in units terms in 2011.
The rest of the market segments have been however performing well: the outdoor and fitness segment revenue increased 15% to $171 million, the aviation segment revenue increased 10% to $71 million and the marine segment revenue increased 9% to $37 million during the fourth quarter.
Full year 2010
For the full year 2010 Garmin revenue was $2.69 billion, down 9% from $2.95 billion in 2009. Diluted earnings per share decreased 16% to $2.95 from $3.50 in fiscal year 2009.
Automotive/Mobile segment revenue decreased 19% to $1.67 billion, Outdoor/Fitness segment revenue increased 19% to $560 million, Aviation segment revenue increased 7% to $263 million and Marine segment revenue increased 12% to $199 million.
“While 2010 represented a year of adversity for our PND business and our handset initiative, we exit the year with a growing presence in outdoor/fitness, aviation, marine and auto OEM that give us confidence in the long-term outlook for Garmin,” said Dr. Min Kao, chairman and CEO of Garmin
"The automotive/mobile segment revenues declined 31% on a year-over-year basis in the fourth quarter as the PND market declined from the 2009 holiday season, ASPs continued to decline, and significant revenues from bundled lifetime map products were deferred into future periods," wrote Garmin. The company expects the PND market to decline around 10 percent worldwide in units terms in 2011.
The rest of the market segments have been however performing well: the outdoor and fitness segment revenue increased 15% to $171 million, the aviation segment revenue increased 10% to $71 million and the marine segment revenue increased 9% to $37 million during the fourth quarter.
Full year 2010
For the full year 2010 Garmin revenue was $2.69 billion, down 9% from $2.95 billion in 2009. Diluted earnings per share decreased 16% to $2.95 from $3.50 in fiscal year 2009.
Automotive/Mobile segment revenue decreased 19% to $1.67 billion, Outdoor/Fitness segment revenue increased 19% to $560 million, Aviation segment revenue increased 7% to $263 million and Marine segment revenue increased 12% to $199 million.
“While 2010 represented a year of adversity for our PND business and our handset initiative, we exit the year with a growing presence in outdoor/fitness, aviation, marine and auto OEM that give us confidence in the long-term outlook for Garmin,” said Dr. Min Kao, chairman and CEO of Garmin
No comments:
Post a Comment