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Garmin: Fitness, Outdoor Segments Pick Up PND Slack

4/30/2014 07:38:00 AM Eastern

Schaffhausen, Switzerland — GPS supplier Garmin posted double-digit percentage gains in consolidated sales, operating profit and net profit in the first quarter of fiscal 2014 despite declining sales of portable navigation devices (PNDs).

Sales in its outdoor, fitness, marine and aviation segments rose at double-digit rates.

Consolidated sales rose 10 percent to $583.2 million, operating income rose 51 percent to $120.4 million, and net income rose 34 percent to $118.8 million.

Sales in the automotive/mobile segment, which includes PNDs, fell 4 percent to $243 million because of expected PND sales declines, but the PND decline was partially offset by new niche automotive products such as RV PNDs and dash cams, the company said.

All other sales segments rose in the quarter. Fitness product sales rose 38 percent to $100.3 million, and outdoor products such as GPS dog collars and action cameras rose 10 percent to $84 million. Marine-product sales rose 10 percent to $60 million, and aviation equipment sales rose 19 percent to $96 million.

In North America, consolidated sales rose 7 percent to $304.8 million, while EMEA-market sales were up 16 percent to $220.6 million and APAC sales were up 4 percent to $57.9 million.

In fiscal 2013, company sales fell 3 percent to $2.63 billion, but net income was up 12.9 percent to $612.4 million.

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