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Garmin Enjoyed Slight Q1 PND Sales Growth

5/04/2011 10:42:14 AM Eastern
Schaffhausen, Switzerland - Garmin said GPS sales in its automotive/mobile segment rose 20 percent in the first quarter to $264.6 million, driven mainly by OEM technology sales to automakers and aftermarket autosound suppliers.

 The company's portable navigation device (PND) sales "posted slight growth over the depressed levels we experienced in the first quarter of 2010," the company noted.

The company said it doesn't expect the PND market to grow year-over-year in 2011 and has "committed significant  sales and research and development resources to the auto OEM business, which offers significant long-term opportunities." The company recently opened a Detroit office.

The company also sells GPS equipment for the aviation, outdoor, fitness, and marine markets, and consolidated sales in those segments plus automotive/mobile rose 17.8 percent to $508.8 million. Consolidated operating income, however, fell 10.3 percent to $74.8 million because of rising advertising, R&D, and SG&A expenses.

Nonetheless, net income rose155.8 percent to $95.5 million because of slightly higher interest income and a $12.1 million foreign-currency gain compared to a year-ago $46.5 million foreign currency loss.

 
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