Garmin’s Super Bowl ad was a tough act to follow. But the GPS device manufacturer did just that by increasing Q4 revenue by more than 90 percent to $611 million, up from $319 million from Q4 in 2005, the company said.
Earnings per share for the year grew 64 percent, said CFO Kevin Rauckman, helping to send share prices up 8.1 percent yesterday, or $4.29, to $57. Gross and operating margins were strong, Rauckman said, coming in at 50 percent and 31 percent respectively. Total revenue for the year hit $1.77 billion, up 73 percent from $1.03 billion in 2005, the company said.
In other Q4 highlights, the company reported revenue from its auto/mobile segment increased 16 percent to $80 million, aviation revenue increased 3 percent to $61 million, and North American revenue rose 86 percent to $393 million, compared to $211 million during Q4 2005. The company’s marine segment declined 10 percent to $25 million during the quarter.