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Garmin Outdoor Shows 54 Percent Gain

Published July 30, 2008

OLATHE, KS (BRAIN)—Garmin reported revenues in its Outdoor/Fitness segment revenue increased 54 percent to $119 million in the second quarter.

The gains were due to the strength of our product introductions in the quarter, including the Colorado series, the Forerunner 405 and the Edge 705.

"We look forward to increased sales generated by our recently announced title sponsorship of Team Garmin/Chipotle which just completed the Tour de France, as well as our new Oregon(TM) series which provides rugged and durable touch screen products to the utdoor market," said Dr. Min Kao, Garmin's chairman and chief executive officer. "We still see considerable growth opportunities for this segment during the second half of 2008 and are raising revenue growth estimates accordingly."

Total revenue of $912 million, up 23 percent from $742 million in second quarter 2007. Automotive/Mobile segment revenue increased 24 percent to $632 million. Aviation segment revenue increased 15 percent to $90 million. Marine segment revenue decreased 11 percent to $71 million.

By region, North America revenue was $576 million compared to $455 million, up 27 percent. Europe revenue was $307 million compared to $257 million, up 19 percent. Asia revenue was $29 million compared to $31 million, down 6 percent.

Topics associated with this article: Earnings/Financial Reports

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