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 09.26.16

Airborne 09.27.16

Airborne 09.28.16

Airborne 09.29.16

Airborne 09.30.16

Airborne Hi-Def On YouTube

Airborne 09.26.16

Airborne 09.27.16

Airborne 09.28.16

Airborne 09.29.16

Airborne 09.30.16

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

Missing PilotÂ’s Remains Bring Sister Closure After 51 Years

Mag. Dean Klenda Laid To Rest Sept. 17 Maj. Dean Klenda, an F-105 Thunderchief pilot, went to Vietnam in 1965. He never returned. His sister, Deanna, has been searching for answers>[...]

Airborne 09.30.16: ForeFlight/SiriusXM, FAA Takes On SMO, MH17 Shootdown

Also: Lynx Grounding, Drone Shooters, N Korean AirShow, Alaska Airlines, King Stallion, Embraer EMB 120, Pilot Arrested ForeFlight and SiriusXM have introduced SiriusXM Aviation we>[...]

Airborne 09.29.16: SpaceX Raptor, FAA v KSMO, First A330neo

Also: ISU Plane Mess, Redbird-NBAA-Deland, 1st Inuit Female Pilot, NTSB on Reno, Rotorwash, Air Tanzania Q400s, Av-Appreciation It looks like the concept of presidential candidates>[...]

Airborne 09.30.16: ForeFlight/SiriusXM, FAA Takes On SMO, MH17 Shootdown

Also: Lynx Grounding, Drone Shooters, N Korean AirShow, Alaska Airlines, King Stallion, Embraer EMB 120, Pilot Arrested ForeFlight and SiriusXM have introduced SiriusXM Aviation we>[...]

ANN's Daily Aero-Linx (10.01.16)

How To Make A Spaceship The story of the bullet-shaped SpaceShipOne, and the other teams in the hunt for the XPrize, is an extraordinary tale of making the impossible possible.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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