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Garmin announces strong sales in first quarter of 2014

by GPS4US 2014-05-01 11:13

There’s a saying in sports: “The great ones adapt.”

That goes for business, too. Garmin proved that this week when it released surging sales numbers for
the first quarter of 2014.

Garmin’s revenue increased 10 percent from the same period in 2013. Sales increased to $583.2 million
while earnings skyrocketed to $118.8 million in the quarter that ended March 29.

Once left for dead after smartphones sucked up much of the navigational GPS market, Garmin rebounded by
introducing products in innovative segments like athletic bands, dashboard cameras  and animal trainers.

Garmin’s outdoor, aviation, athletic and marine segments grew 22 percent and now make up 58 percent of
the company’s sales.

"We have had a great start to 2014 with revenue, operating income and pro forma EPS growth; yet, we
realize that we cannot be complacent," said Garmin CEO Cliff Pemble. "We must capitalize on our strong
portfolio of products in 2014 while also identifying new opportunities and innovations that will
provide future growth potential.”

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