Garmin says 4Q earnings meet expectationsPosted on
Navigation-product manufacturer Garmin said its fourth quarter through Black Friday was in line with expectations in terms of margins, the number of units sold and the selling price per unit.
“We did not go down to the very low price point … and elected to let some of the low-end units go to competitors because we wanted to make reasonable margins,” Garmin CFO Kevin Rauckman said at a Barclays investor conference last week, according to Reuters.
Early last month, Garmin’s forecast for a weak holiday quarter had reignited concerns about the long-term survival prospects of the personal navigation device market and sent its shares tumbling.
Garmin’s average selling price in the fourth quarter was in the mid-$140 range, the same as the year-ago period, Rauckman said.
He said Garmin’s loss of market share in the quarter was no worse than expected even as it stayed away from price wars and discounts.