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Garmin Reports Second Quarter 2012 Results With Revenue And EPS Growth; Raises Full Year EPS Guidance

Our tax rate in the second quarter was 10.4% compared to 13.8% in the second quarter of 2011. We benefitted in the second quarter of 2012 from the release of certain tax reserves due to the statute of limitation expirations. We continue to expect the 2012 full year tax rate to be approximately 13%.

Free cash flow generation continued to be strong with $211 million generated in the quarter. We had a cash and marketable securities balance of over $2.6 billion at the end of the quarter. We intend to continue to fund our quarterly dividend and future acquisitions with our strong cash position.”

2012 Guidance Update



Revenue       $2.75 – 2.80 B
Gross Margin       52-53%
Operating Margin       21-22%
EPS (Pro Forma)       $2.70 - $2.85

We now expect revenue in 2012 between $2.75 and $2.80 billion as strong results in auto/mobile and outdoor are partially offset by macroeconomic headwinds for other business segments. Due to the strong first half margin performance in our automotive/mobile, outdoor and fitness segments, we are increasing our EPS range to $2.70 - $2.85. We still anticipate an effective tax rate of approximately 13% for the full year.

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