Bankrupt LightSquared sued leaders in the GPS industry on Friday, including Deere & Co. and Garmin International.
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. today announced stronger-than-expected revenue for the third quarter, leading the company to raise its earnings-per-share guidance for the full year to $2.40 to $2.45 from $2.30 to $2.40. Revenue was $644 million for the quarter that ended Sept. 28, with outdoor, fitness, aviation and marine delivering 50 percent of total revenue and growing…more
Garmin International, a unit of Garmin Ltd., today announced the introduction of VIRB, the satellite navigation manufacturer’s first true HD 1080p action camera series. Meant for outdoor shooting in challenging elements, VIRB features a rugged and waterproof (IPX-7 waterproof rating) housing and a 1.4-inch Chroma color display. The camera features digital image stabilization and lens…more
Investors filed a $1.9 billion lawsuit against three GPS receiver manufacturers, including Garmin International, over LightSquared, a now bankrupt company that still hopes to build a wireless broadband network across the United States. The investors, led by Harbinger Capital Partners, are seeking compensation for losses incurred when the Federal Communications Commission denied LightSquared permission to…more
Garmin Ltd. today reported lower revenue and profits in the second quarter, but its results topped Wall Street estimates and the company said its 2013 guidance remains largely unchanged. Garmin reported net income for the quarter that ended June 29 of $172.5 million, or 88 cents a share, down 7.2 percent from $185.9 million, or…more
Total revenue dropped 4 percent for Garmin to $532 million in the first quarter from $557 million in the first quarter of 2012. The company announced that the marine segment saw one of the largest dips, falling 10 percent, to $50 million, because of heavily discounted products necessary to maintain market share. “In the marine…more
Revenue at Garmin Ltd. was down 16 percent in the fourth quarter, from $910 million in 2011 to $769 million in 2012, due in part to slumping automobile sales, the company reported. Revenue declined across all segments except fitness, where Garmin saw a 10 percent increase. The marine segment dipped 9 percent, to $39 million,…more
Garmin Ltd. announced the purchase of Nexus Marine AB, a privately held Swedish designer and manufacturer of navigation equipment for the sailing and yachting market. The acquisition was announced in conjunction with the Southhampton Boat Show according to the company. “Nexus Marine is very highly respected in the sailing market, and we’re happy to have…more
Garmin Ltd. today announced improved results for the first quarter, including an increase in marine segment revenue. Total revenue for the period that ended March 31 was $557 million, up 10 percent from $508 million in the first quarter of 2011. The marine segment saw a revenue increase of 9 percent to $56 million. The…more
Garmin today announced that total revenue was up 9 percent in the fourth quarter and 3 percent for fiscal 2011, while marine segment revenue increased 16 percent for the quarter and 12 percent for the year. The company reported total revenue of $910 million in the fourth quarter, up from $838 million in the fourth…more