The Outdoor/Fitness segment provided a boost for Garmins fiscal year 2008 results, despite a rocky fourth quarter. Total revenue for the companys fourth quarter ended December 27 was $1.05 billion, down 14% from $1.22 billion in fourth quarter 2007.
The Outdoor/Fitness segment revenue increased 5% to $120 million in fourth quarter 2008 while the Marine segment revenue was flat at $33 million. The Auto/Mobile and Aviation sectors were responsible for the declines for the quarter. Total revenue for the 2008 fiscal year was $3.49 billion, up 10% from $3.18 billion in 2007.
Outdoor/Fitness segment revenue increased 26% to $428 million in 2008, while the Marine segment revenue increased 1% to $204 million in 2008. North America revenue was up 13% to $2.34 billion for the year.
The company had an operating margin of 22.6% in Q4 compared to 25.7% in fourth quarter of 2007. Net income fell 48.7% to $157.3 million, or 78 cents per diluted share. Excluding the effects of foreign exchange rate fluctuations, EPS was 93 cents compared to $1.31 in the same quarter in 2007. Full year net income was down 14.3% to $732.8 million, or $3.48 per diluted share, compared to $855.0 million, or $3.89 per diluted share, in 2007. Fiscal year EPS includes 27 cents related to a gain of $72 million from the sale and tender of Garmins Tele Atlas N.V. shares.
