Garmin Reports Aviation Sector Revenue Increased 12% In First Quarter This Year | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 02.08.16

Airborne 02.09.16

Airborne 02.10.16

Airborne 02.11.16

Airborne 02.12.16

Airborne Hi-Def On YouTube

Airborne 02.08.16

Airborne 02.09.16

Airborne 02.10.16

Airborne 02.11.16

Airborne 02.12.16

Fri, May 07, 2010

Garmin Reports Aviation Sector Revenue Increased 12% In First Quarter This Year

Overall Business Down 1% Largely On Automotive Segment Losses

We don't normally get this far down in the weeds on company's quarterly earnings, but Garmin's first quarter trends could be a sign of a recovering economy, and least in some sectors of the aviation industry.

The company posted revenue increases in its aviation segment of 12% or $66 million, according to a report released Wednesday. It also recorded year-over-year growth in both aviation and marine as these markets have begun to show signs of stabilization.

"The first quarter of 2010 provided mixed results but we view the overall trends in the business as positive indicators for the remainder of the year," said Dr. Min Kao, chairman and chief executive officer of Garmin Ltd. "While excess channel inventory led to a decline in the sell-in of PNDs, sell-through trends of our major United States retail partners continued to show year-over-year growth. In addition, we generated strong revenue and margins in our outdoor/fitness, aviation and marine segments which allowed us to post pro forma earnings per share growth of 52% in the quarter.

The aviation segment growth was based in large part on the retrofit market, which improved on a year-over-year basis. While Garmin says they are pleased with this result, recovery in the aviation market will generally lag that of the overall economy. The company continues to invest to achieve its strategic initiatives of expanding presence and long-term growth opportunities in the business jet, helicopter and experimental aircraft markets.

"While top line results for the first quarter reflect some excess inventory challenges at retailers in the PND category, we still expect to achieve our full-year forecast previously provided for both revenues and EPS," said Kevin Rauckman, chief financial officer of Garmin Ltd. "This is a result of a number of trends that we experienced in first quarter 2010. Sell-through of PNDs in the North American market grew and ASPs increased during the first quarter. Outdoor/fitness, aviation and marine delivered solid results with strong first quarter revenues and margins."

FMI: www.garmin.com

Advertisement

More News

House Science Committee Approves Aviation R&D Bill

Authorizes Funding For The FAA's Research, Engineering, And Development Account Through 2019 The Science, Space, and Technology Committee on Thursday approved the FAA Leadership in>[...]

Airborne 02.12.16: NEW Mooney!, Not-So-Good GAMA Stats, DA40 Upgrades

Also: A350-1000 Final Assembly, Barnstorming: ATC Privatization, Lithium Issue, Boeing Cuts, Tillamook C-27, Sywell Aerodrome, Massive Airship Mooney International Corporation unve>[...]

Airborne 02.11.16: Drone #s Increase, Fokker D. VIII Replica, Gulfstream G500

Also: Albania Auction, Aero-Community: AEA!, 500 F-35 Hours, SeaPort Airlines, Maxcraft Avionics, Air Power Museum, Webb Space Telescope FAA Administrator Michael Huerta told a UAV>[...]

Airborne 02.12.16: NEW Mooney!, Not-So-Good GAMA Stats, DA40 Upgrades

Also: A350-1000 Final Assembly, Barnstorming: ATC Privatization, Lithium Issue, Boeing Cuts, Tillamook C-27, Sywell Aerodrome, Massive Airship Mooney International Corporation unve>[...]

ANN FAQ: View Aero-News YOUR Way ... The 'Headlines And Teasers' Option

Choose How YOU Want To View Your Aero News: Headlines And Teasers We're all pretty excited about the new website design here at ANN, but we HAVE heard from some of you that you lik>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC