Garmin Ltd. (NASDAQ:GRMN) reported net income above Wall Street’s expectations for the fourth quarter. Net income for Garmin Ltd. rose to $165.6 million (85 cents per share) vs. $132.9 million (68 cents per share) in the same quarter a year earlier. This marks a rise of 24.6% from the year-earlier quarter. Revenue rose 8.6% to $909.6 million from the year-earlier quarter. Garmin Ltd. reported adjusted net income of 96 cents per share. By that measure, the company beat the mean estimate of 65 cents per share. It beat the average revenue estimate of $768.1 million.
“Entering 2011, we forecasted $2.5 billion of revenue and $2.50 of EPS. I am pleased to say that we far exceeded those targets through a combination of solid execution by our associates and successful acquisitions that further diversify our company in both products and geographies,” said Dr. Min Kao, chairman and chief executive officer of Garmin Ltd. “The business generated free cash flow of $784 million. We returned $311 million to shareholders through our quarterly dividend and used an additional $54 million to fund acquisitions. We will continue to use both of these strategies to grow long-term shareholder value.”
Competitors to Watch: KVH Industries, Inc. (NASDAQ:KVHI), Cobra Electronics Corp. (NASDAQ:COBR), TeleNav, Inc. (NASDAQ:TNAV), Trimble Navigation Limited (NASDAQ:TRMB), Nokia Corporation (NYSE:NOK), Motorola Solutions Inc (NYSE:MSI), Motorola Mobility Hldgs. Inc (NYSE:MMI), Sprint (NYSE:S), Verizon (NYSE:VZ), Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG) and Research In Motion Ltd. (NASDAQ:RIMM).
Continental Resources Inc. (NYSE:CLR) reported its results for the fourth quarter. Loss widened to $112.1 million (62 cents per diluted share) from $45 million (loss of 27 cents per share) in the same quarter a year earlier. Revenue rose 24.9% to $114.1 million from the year-earlier quarter. Continental Resources Inc. fell short of the mean analyst estimate of 77 cents per share. It fell short of the average revenue estimate of $475.1 million.
“As we reported on January 25, 2012, production growth was very strong in late 2011 and in early 2012,” said Harold Hamm, Chairman and Chief Executive Officer. With this momentum, we now expect to grow production in a range of 37 percent to 40 percent for the year,” Mr. Hamm said. This compares to Continental’s original 2012 production growth guidance of 26 percent to 28 percent. Since we set our 2012 budget in early November, cash flow has benefited from strong oil prices and generally moderate transportation costs. We are also experiencing operating efficiency and productivity gains. Specifically, wells recently completed in extension areas in the Bakken and the Anadarko Woodford, where we previously had little drilling experience, were stronger than expected. We had applied a risking factor in these extension areas, and actual results were instead equal to or better than typical Continental wells in our established areas in the Bakken and Anadarko Woodford.”
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