NETGEAR reported net revenue for the fourth quarter ended December 31, 2011 of $309.2 million, as compared to $258.5 million for the fourth quarter ended December 31, 2010, and $301.8 million in the third quarter ended October 2, 2011. Net income, computed in accordance with GAAP, for the fourth quarter of 2011 was $22.8 million, or $0.60 per diluted share. This compared to GAAP net income of $13.6 million, or $0.37 per diluted share, for the fourth quarter of 2010, and to GAAP net income of $26.7 million, or $0.70 per diluted share, in the third quarter of 2011.
Retail Business Unit revenue was up 2% sequentially, and up 11% for the full year, while the Service Provider Business Unit was up 14% sequentially, and up 102% in 2011 as compared to 2010. The Commercial Business Unit revenue was down 8% sequentially.
Net revenue for the full year 2011 was $1.18 billion, a 31% increase as compared to $902.1 million for 2010. Net income, computed in accordance with GAAP, for 2011 was $91.4 million, or $2.41 per diluted share. This net income was an 80% increase compared to net income of $50.9 million for 2010. Earnings per share, computed in accordance with GAAP, was $1.41 per diluted share for the full year 2010.
Patrick Lo, Chairman and Chief Executive Officer of NETGEAR commented, “We are extremely pleased with our full year 2011 business performance amid a challenging macroeconomic environment. Q4 2011 represented another new record in quarterly revenue, and our full year 2011 revenue well exceeded the $1 billion mark. In the fourth quarter 2011 we benefited from strong holiday retail sales, specifically in North America. This is particularly encouraging after the strong back to school season we experienced in Q3. We also experienced healthy year-over-year growth in all three geographic regions as we continue to carry positive momentum out of a very strong third quarter. Our new products continue to exceed our expectations and enable us to gain market share.”http://www.netgear.com
