Garmin reports 1Q results

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Garmin announced a slight decrease in revenue for the first quarter, which ended March 27, but a 9 percent increase in the marine segment.

Garmin announced total revenue of $431 million for the quarter, down 1 percent from $437 million in revenue in the same period last year. However, marine segment revenue was $41 million, up 9 percent from the same period in 2009.

The marine and aviation segments were the only segments to report an increase and Garmin said both “have begun to show signs of stabilization.”

Earnings per share decreased 21 percent to 19 cents from 24 cents in the first quarter of 2009.

“The first quarter of 2010 provided mixed results, but we view the overall trends in the business and positive indicators for the remainder of the year,” chairman and CEO Min Kao said in a statement. “While excess channel inventory led to a decline in the sell-in of PNDs, sell-through trends of our major United States retail partners continued to show year-over-year growth.”

Kao added: “In addition, we generated strong revenue and margins in our outdoor/fitness, aviation and marine segments, which allowed us to post pro forma earnings per share growth of 25 percent in the quarter.”

Garmin shares closed Wednesday at $34.19. The 52-week high and low are $40.47 and $19.40.

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