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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 43 percent were reported in the automotive/mobile segment, while the aviation segment reported a 31 percent decline in revenue. The outdoor/fitness segment fared better, with a 13 percent drop in revenue reported.

"The first quarter of 2009 represented Garmin's most challenging quarter since becoming a public company in December 2000," said chairman and CEO Dr. Min Kao, in a statement. "Macroeconomic factors have contributed to a significant slowdown in consumer discretionary spending which has been further exacerbated by ongoing channel inventory reductions by our retail partners in the PND industry.

"On the marine front, we did see a sequential increase as the marine season approaches, but this seasonal increase was not at a level experienced in the past," he added. "We continue to gain market share as an OEM partner, but these gains are not enough to offset the industry-wide declines."

Garmin reported that the slowdown in revenue was seen in all geographic areas, with North American revenue dropping 36 percent from the quarter, from $411 million in the year-ago period, to $265 million for the first quarter 2009.

Earnings per share decreased 64 percent, to 24 cents from 67 cents in first quarter 2008; excluding foreign exchange, earnings per share decreased 64 percent to 25 cents from 69 cents in the same quarter in 2008.

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