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Garmin makes financial gains in second quarter

by GPS4US 2013-08-02 13:10


Total revenue of $697 million in second quarter 2013 with traditional segments of outdoor, fitness, aviation and marine delivering 51 percent of total revenues and growing 8 percent over the year ago quarter.

·         Operating margin of 24 percent with 64 percent of operating profit from traditional segments

·         Continued to gain global market share in the PND industry.

·         Introduced the Monterra, an Android-powered outdoor GPS, supporting third-party applications for outdoor professionals and enthusiasts. The Monterra helped drive a 6 percent growth in the outdoors market.

·         Announced the expansion of our relationships with Volkswagen and MINI, providing factory- or dealer-installed solutions for the compact car market.

·         Generated $186 million of free cash flow in second quarter 2013.

 On the heels of the good news, but anticipating a tough third quarter, Garmin says it is holding steady on its projected 2013 performance.

 “The second quarter of 2013 was highlighted by stronger than expected revenue performance across all segments,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “We were particularly pleased to generate revenue growth in each of our traditional markets. While our performance was strong in second quarter and we believe that the outlook for growth in 2013 for the traditional markets is positive, we also anticipate that declines in the PND market will continue to be a significant headwind.”

Garmin’s fitness segment enjoyed 3 percent revenue growth on the strength of the Edge 510 and Edge 810 cycling GPS.

The marine segment saw 7 percent growth, thanks to the GPSMAP 8000 series glass helms. The automotive segment saw a 12 percent loss, though the nuvi 2700 series performed well. is an authorized reseller of Garmin products.



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