With total revenue of US$910 million, up 9% on revenue of US$838 million in Q4 2010, Garmin saw each of its business units contributing to growth in the fourth quarter of 2011. All geographies contributed at or above the levels of the previous year period.
Diluted earnings per share increased 25% in Q4 2011 to reach US$0.85, up from US$0.68 in Q4 2010. Pro forma earnings per share, which exclude the impact of foreign currency transaction gains or losses, increased 16% year on year to reach US$0.96.
Garmin’s fitness segment posted revenue growth of 17% in the quarter and full?year growth of 24%. Growth in this segment fell slightly short of the company’s expectations as it was ‘unable to ship the Forerunner 910XT in time for the holiday season.’ The company went on to report ‘good news that we are now filling back orders and customer feedback on the product has been extremely positive.’
Garmin expects 2012 to be an exciting year for its fitness division as the company launches the Vector power meter and ‘other unique offerings that we believe will continue to drive our growth in this segment.’