Garmin earnings WAY up
Garmin reported earnings for the most recent quarter, and earnings are way up. The consumer segment had 31% revenue growth, while the aviation segment saw 26% revenue growth, resulting in a 30% growth overall in revenue. It looks like the new i-series and c-series Streetpilots are doing well for them. They go on to talk about the continued high pace of product rollouts (more below). Recall that Magellan dominates (?dominated?) the US market for Automobile GPS units, while Garmin dominates the handheld markets in the US. This move with the i-series and the c-series StreetPilots is an attempt to unseat Magellan as King of the car GPS segment.
"We are pleased with the results during the third quarter. Our StreetPilot products have been well received by the market. We experienced triple digit growth in our automotive product line which demonstrates that our products are well-positioned to take advantage of the growing demand for portable navigation devices," said Dr. Min Kao, CEO of Garmin Ltd. "We look forward to continued success from the popular C-series and I-series during the holiday season, and with a full range of new products at every price point, we hope to continue to penetrate further the rapidly expanding automotive market through the remainder of the year and beyond," said Dr. Kao.
Garmin also appears to be making in-roads in Europe too. "Europe revenue was $223.3 million compared to $149.1 million, up 50 percent."
They also raised guidance for the fiscal year due to the strong performance of their new products. They also indicated that there are more to come!
"The Company has now introduced forty-six new products to the market through the end of September and expects to introduce a total of approximately sixty new products during fiscal year 2005."
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Read More in: Automotive GPS | Earnings Announcements | GPS News | Garmin GPS News
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Posted by Scott Martin at October 26, 2005 2:19 PM
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