Cayman Islands — Garmin’s profits soared in its second quarter, ended June 30, with revenue up 72 percent as prices on personal navigation devices (PNDs) declined more slowly than expected.
Total revenue reached $742 million, up from $433 for the quarter last year. In the automotive/mobile segment, revenue increased 99 percent to $508 million on the strength of sales of the Garmin Nuvi and C series, said the company.
Garmin also increased its annual dividend to shareholders and raised its revenue guidance for the year to $2.8 billion.
The company anticipates overall growth for its automotive/mobile GPS sector to reach 80 percent for the year.
Garmin chairman/CEO Min Kao said the company maintained an approximate 50 percent PND market share in North America for the quarter.
“Clearly we are pleased with our financial results for the second quarter, and look forward to a strong second half of 2007,” said Kevin Rauckman, chief financial officer.
Garmin also increased revenue in its other GPS segments, reporting a 39 percent gain in aviation, 9 percent gain in outdoor/fitness and a 59 percent gain in marine GPS.