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 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

Garmin issues BlueChart recall

Garmin Ltd. is conducting a voluntary product safety recall of the 2009 version of its marine cartography data card known as BlueChart g2 and g2 Vision. The affected data cards were sold between April 8 and June 3. In certain waters, the data card provides inaccurate indications of the depth of the water, which creates…more

Garmin reports 1Q results

Garmin today reported a 34 percent decrease in overall revenue for the first quarter ending March 28, including a 32 percent decrease in the marine segment. Total revenue of $437 million was reported, down from $664 million in the first quarter of 2008. Marine segment revenue was $38 million for the quarter. Significant decreases of…more

Garmin says trade publication’s report is inaccurate

Garmin Ltd. issued a press release disputing a recent report in the DigiTimes trade publication titled, “Garmin expects to ship 18 million GPS PNDs in 2008.” The story contains a number of inaccuracies in both sales figures and product rollout schedules, according to Garmin. “Black Friday sales from our customers were what we expected, and…more

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