The strong U.S. dollar negatively affected Garmin during the third quarter, causing the company to miss analysts’ profit expectations by 4 cents a share.
Garmin Ltd. is a group of companies that designs, manufactures, markets and sells navigation, communication and information devices and applications, most of which are enabled by GPS technology.
Garmin Ltd. reported second-quarter revenue of $773.8 million and a profit of $137.8 million, or 72 cents a diluted share, both of which lagged the company’s results from the quarter a year earlier.
Garmin International, a unit of Garmin Ltd., said it was approved as a certified supplier of marine electronics for Independent Boat Builders Inc., a purchasing cooperative of 20 members that build more than 40 boat brands.
Garmin Ltd. reported first-quarter revenue of $585 million, with fitness, outdoor, aviation and marine delivering 63 percent of total revenue and collectively growing 9 percent from the quarter last year.
Garmin Ltd. today reported fourth-quarter revenue of $803 million and posted an operating loss for the marine segment in the “seasonally weak” quarter.
Key Largo, Fla.-based Boats Direct USA is now an authorized Garmin dealer.
Garmin’s third-quarter revenue increased 10 percent to $706 million with double-digit growth in four of five reporting segments.
Garmin saw improvements in gross and operating profits, driven largely by fitness and aviation, with total revenue of $778 million for the second quarter.
Garmin International today introduced a software update for the GPSMAP 8000 Glass Helm Series and its newest series of chart plotters and combination units.
Garmin Ltd. named Doug Boessen as its next chief financial officer and treasurer, beginning July 31.