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Garmin quarterly profit

by GPS4US 2012-08-30 13:28

Contrary to the expectations of many analysts, quarterly profits of Garmin, the largest US manufacturer of PNDs (Personal Navigation Devices) have shot way up, surprising everyone.

After several disappointing quarters that led many speculate about the impending demise of a Personal Navigation Device Market due to onslaught of smartphones with similar features, Garmin has posted three consecutive quarters of raising revenue in PND division.

Largely, it is due to new strategies, such as bundling PNDs with mapping services offering higher margins, and entering car entertainment systems market.

The largest revenue driver was Garmin’s outdoor products segment, such as hiking, hunting and fitness devices with GPS sensors offering features like preloaded golf courses, hiking trails, etc.

Revenue from outdoor segment was up %24, compared to %8 gain for the PND division.

Garmin’s Dutch rival TomTom saw revenue drop due to decline in sales of its PNG units, but is hoping for a rebound based on announced deals with French car manufacturers FSA Peugeot Citroen to provide digital maps for their entertainment and navigation systems.

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