Πέμπτη 2 Αυγούστου 2012

GARMIN: Q2 2012 Financial Summary

 Η GARMIN ανακοίνωσε χθές τα οικονομικά αποτελέσματα του δευτέρου τριμήνου 2012.



Total revenue of $718 million, up 7% from $674 million in second quarter 2011




    1. Automotive/Mobile segment revenue increased 8% to $392 million
    2. Outdoor segment revenue increased 24% to $100 million
    3. Fitness segment revenue increased 5% to $82 million
    4. Aviation segment revenue increased 4% to $76 million
    5. Marine segment revenue decreased 14% to $68 million
    6. • Americas and EMEA (Europe, Middle East and Africa) posted revenue growth in the second quarter:
    7. Americas revenue was $392 million compared to $358 million, up 9%
    8. EMEA revenue was $269 million compared to $253 million, up 6%
    9. APAC (Asia Pacific) revenue was $57 million compared to $63 million, down 9%
  1. • Gross margin improved both sequentially and year

          overyear to 59% for second quarter 2012 from 51% in first quarter 2012 and 48% in second quarter 2011
        1. •Operating margin increased year
        2. overyear to 28%, compared to 20% in second quarter 2011
        3. •Diluted earnings per share (EPS) increased 70% to $0.95 from $0.56 in second quarter 2011; pro forma diluted EPS increased 56% to $0.98 from $0.63 in the same quarter in 2011 (Pro forma earnings per share excludes the impact of foreign currency transaction gain or loss)
        4. •Generated $211 million of free cash flow in second quarter 2012




        Δείτε τα πλήρη στοιχεία ΕΔΩ
          Παρακάτω θα δείτε μέρος των άρθρων  σχετικά με το θέμα μας, στο διαδίκτυο ''''.... In Europe the acquisition of Navigon (in the third quarter last year) has grown Garmin market share between 30 and 35 percent.       ...''''  (http://www.gpsbusinessnews.com/Garmin-2Q-Earnings-per-Share-up-70--2012-Guidance-Updated_a3788_2.html).                                                    --------------------------------------------
        ....μέσα απο μια πολύ ενδιαφέρουσα ανάλυση:
          As I said, in total, our revenues increased 7% during the second quarter, and with all segments -- within all segments excluding Marine contributing to the growth. During the second quarter, we generated an 8% revenue increase within the Auto/Mobile segment as volumes increased due to our 2011 acquisition of Navigon. We continue to gain market share and we benefited from a reduction in deferred revenue.
           ------------------------- The Auto/Mobile segment represented 55% of our total revenue during Q2, up slightly from 53% in Q2 2011 due to the contribution from our acquisition of Navigon. Outdoor grew to 14% of revenues in the quarter, an increase from 12% in 2011. And due to the improved profitability of Auto/Mobile in the second quarter, the operating income contribution of the segment increased to 43% from only 19% in the prior year. ------------------ While on the surface, this revised guidance may appear conservative given our strong first half performance, we do have a number of contributing factors to consider. First, first half revenue growth was positively impacted by our acquisitions of Navigon and Tri-Tronics, which were completed in the third quarter of 2011. Our Outdoor segment had very strong fourth quarter 2011 due to new product introduction and a strong holiday season for our golf devices. Also, the European macroeconomic situation and subsequent weakening of the euro brings possible headwinds for us in the back half of the year. ------------------------ Yes, Mark, this is Cliff. There's really a couple of factors that impact our PND deliveries. First of all, we're delivering units under the Navigon brand, which has increased our deliveries. And along with that, we have market share gains, both when considering the Navigon brand, as well as organically in the Garmin brand. So we've been able to essentially avoid the trends in the market, which is a clear downsizing of the market that's going on right now. So as we comp against Navigon in the third and fourth quarter, we would expect our unit deliveries to level out and follow the market after that. And the market trend, again, is down 10% to 15% or so this year we estimate. As far as Apple goes, of course, everyone knows about the announcement that was made, turn-by-turn navigation on the next version of the OS. I would say that we've been through this before on the Android side of things, and Android does offer that on all their devices right now, so we don't see that as being a big change in terms of customers' perceptions. It just means that there's a choice now on the Apple platform that people didn't have before.  --------------------- Well, we think it's going steadily. I think this market does move at a fairly slow pace and the projects do take some time to develop and the relationship. So we don't want to provide people a false sense that this is going to move very quickly. The Auto industry is a slow-moving industry. With that said, we're excited about where we're at with the Suzuki program launches now, and it's a full infotainment system for the vehicle, which is a Tier 1 opportunity for us, which we're excited about. And other recent wins such as VW with the Navigon brand on the up-vehicle has been very good.  -----------------------
          http://seekingalpha.com/article/770151-garmin-management-discusses-q2-2012-results-earnings-call-transcript?page=6&p=qanda

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