Garmin

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 reports 3Q results

Garmin today announced a drop in total revenue for the third quarter, which ended Sept. 25, but said its marine segment revenue was up 1 percent. Switzerland-based Garmin reported total revenue of $692 million, down 11 percent from $781 million in the third quarter last year. Marine segment revenue increased 1 percent, to $46 million.…more

Garmin reports 2Q results

Garmin today announced a 9 percent increase in total revenue and a 23 percent increase in marine segment revenue for the second quarter. Total revenue for the quarter that ended June 26 was $729 million, up from $669 million in second-quarter 2009, with all segments posting growth. Marine segment revenue was $74 million, the company…more

Garmin reports 1Q results

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,…more

Garmin makes offer to buy Raymarine

Garmin announced today that it has made a cash offer of 15 pence (23 cents) per share to acquire Raymarine plc. The transaction remains subject to shareholder acceptance and regulatory approval, but Garmin said it expects to obtain the necessary merger control approvals. Raymarine has previously announced several approaches from other companies, but Ted Gartner,…more

Garmin to incorporate in Switzerland

Garmin Ltd. announced its board of directors unanimously approved moving the place of incorporation of the company from the Cayman Islands to Switzerland. Garmin’s shareholders will be asked to vote in favor of the proposed change in place of incorporation at a shareholders meeting, which is set for May 20. “Following a thorough review, we…more

Garmin reports 4Q results

Garmin Ltd. today announced strong fourth-quarter results, including revenue and earnings per share growth for the period ending Dec. 26, 2009. The company reported 2 percent growth in marine segment revenue, to $34 million. Total revenue was $1.06 billion, up 1 percent from $1.05 billion in the fourth quarter of 2008. Diluted earnings per share…more

Garmin says 4Q earnings meet expectations

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…more

Garmin reports 3Q results

Garmin today reported its total revenue was down 10 percent for the third quarter, though marine segment revenue increased 3 percent to $45 million as market share gains offset ongoing weakness in the industry. Total revenue for the quarter, which ended Sept. 26, was $781 million, down from $870 million in the third quarter of…more

Garmin: Any offer for Raymarine would be in cash

Garmin Ltd. issued a statement in response to reports that it was in early discussions with Raymarine to purchase the U.K.-based company. “In accordance with Rule 2.10 of the City Code on Takeovers and Mergers … Garmin announces that any offer it might make for the shares of Raymarine is likely to be solely in…more

Garmin reports 2Q results

Garmin Ltd. today reported a 27 percent decline in revenue for the second quarter, which ended June 27. Total revenue was $669 million in the recent quarter, compared to $912 million in the year-ago quarter. Marine segment revenue decreased 15 percent to $60 million in the 2009 quarter. Net income declined to $161.9 million, or…more

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