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Garmin Enjoyed Slight Q1 PND Sales Growth

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.