Garmin sees overall revenue gain

Published online: Nov 10, 2008 News Soundings Trade Only
Viewed 289 time(s)
In the marine segment, however, revenue decreased 8 percent to $44 million in the third quarter of 2008.
Garmin
reported diluted earnings per share of 82 cents, compared to 88 cents in third quarter 2007; excluding foreign exchange, EPS was 87 cents, compared to 89 cents in the same quarter 2007.
For the year-to-date, total revenue of $2.45 billion was reported, up 25 percent from $1.96 billion in year-to-date 2007. The marine segment was flat at $171 million in year-to-date 2008.
Garmin's stock this morning was trading at $22.58 per share. Its 52-week high and low are $124.75 and $19.90.
"We are experiencing challenging macroeconomic conditions, yet Garmin's products continued to attract consumers, generating revenue growth and allowing us to expand our global leadership position in the industry during the third quarter," chairman and CEO Min Kao said in a statement.
"While most of our segments continue to grow, we are cognizant of the continued economic slowdown and business climate. As such, we are actively taking steps to manage our business appropriately. These include scaling our operations to better match current business conditions, and changes to inventory planning that will allow us to reduce inventory levels by approximately $150 million by the end of the year," he added.
Kao noted that the marine segment saw declining revenue for the second straight quarter on a year-over-year basis.
"However, we continue to focus on innovation and on delivering a full suite of products to marine OEMs, including our new GHP10 autopilot, which just recently began shipping, and the VHF radios that were announced this month," he said. "Garmin's diverse business composition allows us to endure the downturn in the boating industry while still making appropriate levels of research and development investment for the future."
Garmin anticipates overall revenue of $3.6 billion in 2008 and earnings per share of $3.78.

You May Also Be Interested In...

April 15, 2015

Houseboat Travels To Puerto Rico For New Christian Bale Movie

A 1960s River Queen houseboat is making the exciting trip to Puerto Rico to take part in a 20th Century Fox film called "The Deep Blue Good-by," starring Christian Bale.
April 08, 2015

A Beautiful And Tragic Show Of Love

In a brave display of courage and love, 74-year-old Everett McGowin dove into the swift, cold waters of the Fraser River near Vancouver, Canada, in an effort to save his wife...
April 03, 2015

66 Days At Sea

After being lost at seafor 66 days, Louis Jordan has been rescued 200 miles off the coast of South Carolina.
April 01, 2015

California Fishing-License Purchases Are Dropping

If fishing is your game, you might want to take the luring call of California lakes with a grain of salt.
March 30, 2015

The Mini Bike Is Back!

The Downtube Mini Shimano Nexus 8SP Folding Bike has answered the call of demand and is back on the market!
Follow us on Facebook!   Follow us on Instagram!   Follow us on Pinterest!   Follow us on YouTube!