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Garmin's Q2 Automotive GPS Sales, Profits Fall

8/03/2011 11:58:41 AM Eastern

Schaffhausen, Switzerland - Second-quarter
sales in Garmin's automotive segment fell 18.9 percent year-over-year to $362.7
million following a first-quarter gain of 19.7 percent, but the segment's
income fell almost as sharply as it did in the first quarter.

Segment operating profits fell
71.5 percent to $25.3 million following a first-quarter from of 91 percent to
$1.6 million, the company said in its earnings
release
.

The segment comprises sales of
portable navigation devices (PNDs) worldwide and OEM sales of Garmin's GPS
technology to automakers and aftermarket autosound suppliers.

Garmin attributed the
second-quarter sales drop-off to "significant volume declines" in North
American PND sales, which were not offset by rising OEM sales. Despite the
North American PND sales decline, Garmin said it "maintained strong PND market
share in North America and grew market share across Europe."

The first-quarter sales gain,
Garmin previously said, stemmed mainly from rising OEM sales, although PND
sales rose slightly as well.

Garmin also sales GPS equipment
in the outdoor, fitness, marine and aviation markets, and first-quarter sales
rose in all four segments, with operating profits rising in two of the four.

On a consolidated basis, Garmin
sales fell in the quarter by 8 percent to $674 million, and operating profits
fell 34.9 percent to $131.6 million. Net profits fell 46.6 percent to $109.5
million.

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