所有地域的销售均有显著增长，北美地区收入4.54亿美元，比去年同期2.65亿美元增长了71％。欧洲地区收入2.27亿美元，相比去年同期1.2亿美元增长了89％ 。亚洲地区的收入是4800万美元，比去年同期2300万美元增长了109％ 。汽车导航部分的收入仍然占据公司总收入的较大比重，占总收入的71％。
原文：Garmin Q3 Sales Climb 79%; Earnings Grow 57%
SportsOneSource Media Posted: 10/31/2007
Garmin Ltd. third quarter revenue was $729 million, up 79% from $408 million in third quarter 2006. Outdoor/Fitness segment revenue increased 24% to $88 million and the marine segment revenue increased 17% to $48 million. Diluted earnings per share increased 57% to 88 cents from 56 cents a year ago. Excluding foREIgn exchange, EPS increased 78% to 89 cents from 50 cents
All geographic areas experienced significant growth with North America revenue at $454 million compared to $265 million, up 71%. Europe revenue was $227 million compared to $120 million, up 89%. ASIa revenue was $48 million compared to $23 million, up 109%. Revenue from the aUTOmotive/mobile segment continued to become a larger portion of total company revenues when compared with the same quarter in 2006, at 71% of total revenues.
Year-to-Date 2007 Financial highlights:
-- Total revenue of $1.96 billion, up 69% from $1.16 billion year-to-date 2006
-- AuTOMOtive/Mobile segment revenue increased 109% to $1.34 billion in year-to-date 2007
-- Aviation segment revenue increased 30% to $224 million in year-to-date 2007
-- Outdoor/Fitness segment revenue increased 10% to $225 million in year-to-date 2007
-- Marine segment revenue increased 21% to $170 million in year-to-date 2007
-- All geographic areas experienced significant growth:
- North America revenue was $1.23 billion compared to $700 million, up 76%
- Europe revenue was $631 million compared to $400 million, up 58%
- Asia revenue was $101 million compared to $63 million, up 60%
-- Diluted earnings per share increased 64% to $2.50 from $1.52 in year-to-date 2006; excluding foreign exchange, EPS increased 68% to $2.48 from $1.48 in the same period in 2006.
-- Strong sales in our automotive/mobile segment continue to exceed our expectations and drive our increased guidance for the remainder of 2007.
-- Aviation and marine segment results put them on track to meet or exceed earlier full year guidance for these segments. Given improving sales in our outdoor/fitness segment, we continue to anticipate this segment will reach our full year guidance with seasonally strong holiday sales.
-- 2.69 million units sold in the third quarter of 2007, up 119% from the same quarter in 2006; year-to-date units sold increased 97% from the same period in 2006.
-- Completed the initial build-out of our third Taiwan manufacturing facility, increasing the number of production lines from 31 to 37, and production capacity at the end of the third quarter to an annual run rate of approximately 16 million units. Expansion of our R&D and other office space in Taiwan continues.
-- Expansion of our North American warehouse in Olathe, Kansas continues, with expected completion in Q1 2008.
-- We continued to work to increase our retail penetration and broaden our distribution as retailers laid the groundwork for the upcoming holiday selling season. Our initial order book for the holiday season is strong, as PNDs are positioned to be a popular item during the holiday season.
-- Due diligence work continues on previously announced acquisitions of distributors in Spain, Italy, and Denmark. These activities are part of our ongoing efforts to improve our market share in Europe.
Executive overview from Dr. Min Kao, Chairman and Chief Executive Officer:
“Garmin experienced a solid third quarter. Our continued strong growth in the automotive/mobile segment demonstrated that our products are well- positioned to take advantage of the groWING interest in portable navigation devices. Independent market research indiCATes we have maintained a strong leadership position in North America with approximately fifty percent PND market share, and our market position in Europe continues to improve as well.”
Garmin believes it is prepared to meet the growing demand for products. Garmin has increased manufacturing capacity and grown total inventories over $200 million since the end of the second quarter of 2007. The order book is strong, and Garmin believes its strategy of extensive market segmentation will drive positive results.
The aviation segment continued to grow steadily during the quarter. Positive response to WAAS and GMX200 product offerings and growth in the sale of G1000 cockpit continued. In the third quarter Garmin announced additional wins for the G1000 cockpit for future Cessna CARAVAn, Socata TBM 850 as well as the new PiperJet and a G1000 retrofit for the King Air 200/B200. Also during the 3rd quarter, Cessna announced that the new G300 cockpit display system was selected for its new Skycatcher light sport aircraft. Garmin continues to believe the aviation segment is positioned to meet 2007 guidance.
The marine segment also showed steady growth, as customer interest i new marine products and cartography continued to drive revenues for the quarter. While typical marine segment revenues decline sequentially in third and fourth quarter each year, results remain seasonally strong. Garmin continues to believe the marine segment is positioned to meet 2007 guidance.
Third quarter revenue for outdoor/fitness segment was strong compared to the year ago quarter. Increased sales generated by the new Astro dog tracking product, as well as new eTrex and Rino products with high-sensitivity GPS drove this growth. We see continued growth opportunities for this segment and believe the outdoor/fitness segment is positioned to meet our 2007 guidance for the segment.“
Financial overview from Kevin Rauckman, Chief Financial Officer:
“Our financial results for the third quarter were strong and in line with our expectations. Our retail orders are strong, and we look forward to a solid 2007 holiday season,” said Kevin Rauckman, chief financial officer of Garmin Ltd. “Our revenue and earnings per share during the quarter grew 79% and 57% respectively, exceeding our expectations. Excluding the impact of foreign exchange, EPS for the quarter grew 78%, from 50 cents to 89 cents.”
Gross margin for the overall business declined modestly in the third quarter, down 180 basis points from the year-ago quarter. The automotive/mobile segment gross margin improved 70 basis points during the quarter due to a seasonal, favorable product mix shift towards higher-margin North American product, and PND pricing declined more slowly than we expected. The aviation segment also improved 180 basis points as a function of favorable product mix. Gross margin for the marine segment declined 50 basis points during the quarter when compared to the year-ago quarter as a function of product mix, and the outdoor/fitness segments declined 320 basis points, reflecting a product mix shift and the transition of the eTrex product line.
Operating margin remained relatively stable, declining just 30 basis points from the year-ago quarter. This stability reflected an anticipated decline in gross margin offset by operating leverage as revenues outpaced increased spending in advertising and research and development expenses during the quarter. While Garmin is pleased with these results, Garmin anticipates more significant margin compression during the fourth quarter of 2007.
Garmin also generated $117 million of free cash flow in the third quarter of 2007, resulting in a cash and marketable securities balance of $1.03 billion at the end of the quarter.“
Fiscal 2007 Outlook
Garmin remains optimistic about the future sUCCess of the business and is updating guidance as follows:
-- We anticipate overall revenue to exceed $2.9 billion in 2007, and earnings per share to exceed $3.40.
-- We anticipate segment revenue growth rates for our automotive/mobile, aviation, marine, and outdoor/fitness segments to be 90%, 30%, 20%, and 10%, respectively
-- We anticipate operating margins to be approximately 27% for the full year 2007
-- Our effective tax rate should remain approximately 13%
Announcement of Management Appointment
Given anticipated ongoing business growth, Cliff Pemble will be assuming the new positions of Chief Operating Officer (COO) and President of Garmin Ltd. In addition, he will assume direct supervision of all North American Garmin subsidiaries, including Garmin AT, Dynastream, and Digital Cyclone. Dr. Kao will continue in his role as Chairman and CEO of Garmin Ltd. but will now be able to devote more time to business development, strategic planning, and the development of our Asia-Pacific business initiatives.
Announcement of Intent to Make an Offer to Acquire all the Outstanding Shares in Tele Atlas N.V.
Early this morning Garmin announced its intention to make an offer to acquire all the outstanding shares in Tele Atlas N.V. Advanced mapping data is an essential ingredient for the continued growth of the navigation industry and this acquisition provides a means for Garmin to contribute more broadly to the development and growth of this market.