Garmin Sales up 72%, Earnings up 75%

Garmin earnings blew Wall St away today, showing strength in their sales in North America and in Europe, as sales were up 72% and earnings were up 75%. The automotive segment revenue led the way with 99% revenue growth, while the marine segment came in second with "only" 59% growth. Amazing.

Executive overview from Dr. Min Kao, Chairman and Chief Executive Officer:

"Garmin experienced a very exciting second quarter. Our strong growth in the automotive/mobile segment demonstrated that our products continue to be well-positioned to take advantage of the growing demand for portable navigation devices. We are pleased that, according to independent market research, we have maintained a strong leadership position in North America with approximately fifty percent PND market share. The nüvi 200W and 250W products delivered during the second quarter will provide an attractive option for cost-conscious consumers who prefer a wide-screen display. Our popular nüvi and c-series product offerings support our strategy of extensive market segmentation, drawing in customers with compelling, competitive features, and useful content integrated into easy-to-use products at many attractive price points. We believe this approach should drive strong results in the holiday season and push revenue growth beyond our earlier expectations.

More details below...