Total revenues across the company’s five segments, which also include Automotive/Mobile, Aviation and Marine, reached $380 million in the Amercas, compared to $352 million, up 8%. EMEA revenue declined 13 percent to $225 million. Asia Pacific reevnue was $67 million, up 19 percent.
The outdoor segment posted revenue growth of 11% in the quarter. Growth continued to be driven by Garmin’s golf line-up, dog tracking and training, and the recently introduced fçnix . During the quarter, Garmin introduced the first collaborative product following the Tri-Tronics acquisition, the Alpha GPS Track and Train System. The unit combines robust GPS tracking from Garmin and proven electronic correction from Tri-Tronics.
The fitness segment posted a revenue decline of 6% in the quarter as growth in cycling and multi-sport were offset by a slowdown in running watches. Garmin again faced a difficult year-over-year comparison due to 2011 promotional activity on the Forerunner 305 and the strong early shipments of the Forerunner 610. With the launch of the Forerunner 10, Garmin expects to regain market share in the value price category.
Early response to the Forerunner 10 has been positive with great
reviews and strong pre-orders. Garmin remains confident that the fitness
market will continue to offer growth opportunities in 2013 and beyond.
Gross margin for the overall business was 53% in the third quarter improving from 52% in the prior year with all segments posting improved or steady gross margins. Gross profit increased 4% to $359 million. The outdoor segment made the largest contribution to the gross profit improvement, posting a 69% gross margin and over $72 million in gross profit. We also had strong gross margin expansion in fitness, aviation and marine where product mix has shifted toward high margin business in the current quarter.
Garmin Ltd. And Subsidiaries
| ||||||||||||||||||
| Revenue, Gross Profit, and Operating Income by Segment (Unaudited) | ||||||||||||||||||
| Reporting Segments | ||||||||||||||||||
| Auto/ | ||||||||||||||||||
Outdoor
|
Fitness
|
Marine
|
Mobile
|
Aviation
|
Total
| |||||||||||||
| 13-Weeks Ended September 29, 2012 | ||||||||||||||||||
| Net sales | $ | 105,572 | $ | 64,788 | $ | 44,766 | $ | 384,393 | $ | 72,857 | $ | 672,376 | ||||||
| Gross profit | $ | 72,420 | $ | 41,885 | $ | 28,572 | $ | 166,007 | $ | 50,171 | $ | 359,055 | ||||||
| Operating income | $ | 48,384 | $ | 21,219 | $ | 8,378 | $ | 65,165 | $ | 16,916 | $ | 160,062 | ||||||
| 13-Weeks Ended September 24, 2011 | ||||||||||||||||||
| Net sales | $ | 94,720 | $ | 69,030 | $ | 48,055 | $ | 384,150 | $ | 71,038 | $ | 666,993 | ||||||
| Gross profit | $ | 62,387 | $ | 41,476 | $ | 26,378 | $ | 166,941 | $ | 47,149 | $ | 344,331 | ||||||
| Operating income | $ | 41,331 | $ | 20,452 | $ | 9,870 | $ | 56,215 | $ | 19,466 | $ | 147,334 | ||||||
| 39-Weeks Ended September 29, 2012 | ||||||||||||||||||
| Net sales | $ | 283,230 | $ | 217,815 | $ | 168,620 | $ | 1,055,786 | $ | 221,676 | $ | 1,947,127 | ||||||
| Gross profit | $ | 186,574 | $ | 142,045 | $ | 105,205 | $ | 476,761 | $ | 154,041 | $ | 1,064,626 | ||||||
| Operating income | $ | 118,032 | $ | 76,016 | $ | 35,584 | $ | 170,208 | $ | 54,561 | $ | 454,401 | ||||||
| 39-Weeks Ended September 24, 2011 | ||||||||||||||||||
| Net sales | $ | 242,178 | $ | 203,411 | $ | 178,479 | $ | 1,011,405 | $ | 213,452 | $ | 1,848,925 | ||||||
| Gross profit | $ | 156,689 | $ | 120,770 | $ | 103,784 | $ | 378,280 | $ | 145,282 | $ | 904,805 | ||||||
| Operating income | $ | 101,805 | $ | 61,293 | $ | 48,360 | $ | 83,087 | $ | 59,133 | $ | 353,678 | ||||||
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