One vision. Two minds.
Gary Burrell and Min Kao believed GPS was going to change the face of navigation when they founded Garmin in 1989. They were right.
Even through a period of slowing revenues, we have remained a highly profitable company with an enviable balance sheet enabling long-term investment. We have been able to deliver strong returns to our shareholders through our growing dividend as well as stock performance.
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2011 Annual Report
2011 was a profitable year with $2.76 billion in revenue. Our gross margin finished at 49 percent and our operating margin closed at 20 percent — very strong numbers for a consumer electronics company.
All 5 business segments contributed to our growth, with outdoor, fitness, aviation and marine contributing 71 percent. Additionally, we outperformed our competitors which allowed us to gain market share in all markets we serve.
The selected financial data represented here and elsewhere in the 2011 annual report should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K.
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