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Garmin Posts Q3 Sales Drop, But Net Income Jumps

Schaffhausen, Switzerland – GPS supplier Garmin posted a 4 percent decline in consolidated sales in the third quarter to $643.6 million and a 5.2 percent drop in operating income to $151.8 million. 10/30/2013 05:43:00 AM Eastern

Schaffhausen, Switzerland – GPS supplier Garmin posted a 4 percent decline in consolidated sales in the third quarter to $643.6 million and a 5.2 percent drop in operating income to $151.8 million.

Thanks to an income tax benefit of $26.9 million, third-quarter net income soared 33.7 percent to $187.7 million.

Sales declined in its auto/mobile and outdoor segments but rose in its fitness, marine, and aviation segments.

 Nine-month sales were off 4 percent to $1.87 billion, with nine-month operating income slipping 11.6 percent to $401.6 million but with and net income rising 8.6 percent to $448.8 million.

 In the quarter, the auto/mobile segment, which is the company’s largest segment, fell 16.1 percent to $322.5 million and by 3.6 percent for the year-to-date to $1.87 billion. The quarter’s sales were off mainly because PND sales continued to decline according to the company’s forecasts. The segment also includes OEM navigation sales to the autosound aftermarket and to automakers.

 Despite the sales decline, the auto/mobile segment posted an operating income of $53.8 million in the quarter, though that was down 17.4 percent. Nine-month operating income in the segment fell 21percent to $134.3 million.

 The outdoor segment, which includes action cameras, posted a sales decline of 4 percent in the quarter to $101.4 million. Fitness-product sales rose 25 percent to $81 million, including cycling computers and running watches. Marine sales rose 24 percent to $55.3 million, and aviation sales grew 15 percent to $83.5 million.

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