Garmin Ltd. today announced its revenues of $692 million for the period ended September 25, 2010 are down 11 percent from the $781 million in third quarter 2009 (all figures $US).
Of three segments posting growth, the company's marine segment increased revenues by one percent to $46 million. Its outdoor/fitness segment grew revenues by nine percent to $144 million, while its aviation segment grew by four percent to $60 million. Garmin's automotive segment saw revenues decline by 19 percent, to $442 million.
The company also noted its strongest growth occurred in Asia, while sales in North America and Europe declined. Asia revenue was reported at $63 million for the quarter, compared to $41 million in 2009 – a gain of 54 percent.
Garmin's year-to-date for 2010 includes total revenue of $1.85 billion, down 2 percent from $1.89 billion year-to-date in 2009.
The company's marine segment year-to-date revenue has increased 13 percent to $162 million.
“In the third quarter, we saw continued traction for many of our growth strategies resulting in revenue growth in three of our four segments,” said Dr. Min Kao, Garmin's Chairman and CEO. “While we are not satisfied with the overall results, the strong operating income performance in outdoor/fitness, aviation and marine are positive indicators for the long term profitability of Garmin.”