Update: Garmin Up for Quarter, but Down for Year
Update: The company did note it was disappointed with Nuvi (its phone) sales, but will launch two more models this year. Said CEO Dr. Min Kao:
While disappointed by sales of the nüvifone products to date, we are excited to be launching two next generation smartphones in the first half of 2010 and feel these devices will be well-positioned in this competitive market.
Larry Dignan at ZDnet says Garmin has to look to new markets, like phones, to make up losses in the slowing PND space.
——original post 2/24/10——
Garmin Ltd.‘s (GRMN) fourth-quarter profit rose 77% on improved profit margins but was still down for the year.
The holiday push earned the company $278.4 million, or $1.38 a share, during the quarter ending Dec. 26. That compares to $157.7 million, or 78 cents a share, during the same quarter a year before. The company earned $704 million, or $3.50 a share in 2009 compared with $732.9 million, or $3.48 a share, during 2008.
The interesting part for me (and perhaps my colleague Joe; we both own Garmin’s GPS-enabled “running watches”):
Revenue during the quarter rose 1 percent to $1.06 billion, driven by a 24 percent increase in outdoor/fitness products. Revenue from automotive devices, which make up the bulk of sales, dipped 2 percent. The company said it sold a total of 6.6 million units during the quarter.
