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Garmin Reports Record Quarter

Olathe, Kan. — Garmin, which said it would make a public offer for TeleAtlas, also reported record third-quarter results.

Net sales were $729 million, up 79 percent from the same period last year, and net income was $193.5 million, up from $122.9 million the previous year.

The company said strong sales in its automotive/mobile segment “continue to exceed our expectations” and that the GPS maker sold 2.69 million units in the third quarter, up 119 percent from the same quarter in 2006. Year-to-date units sold increased 97 percent from the same period in 2006.

By segment, automotive/mobile revenue increased 118 percent to $519 million in the quarter. Aviation increased 27 percent to $74 million, while outdoor/fitness segment revenue increased 24 percent to $88 million. The marine segment revenue increased 17 percent to $48 million in the quarter.

In North America revenue was $454 million compared with $265 million to the previous year’s third quarter.