First quarter 2010 saw Garmin post total revenue of US$431 million, down 1% from US$437 million in first quarter 2009. However, Garmin’s Outdoor/Fitness segment revenues increased by 28% to US$103 million – accounting for almost a quarter of total revenue in the period.
The company has clearly suffered from challenges in the automotive/telecoms area, which saw a 15% year on year decline on revenue in Q1.
“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.
“The outdoor/fitness segment posted revenue growth of 28% in the quarter on the heels of 10% growth during 2009. We are excited about the global growth we have experienced for our well?respected products and will continue to build on these successes. Around the globe and across the segment, we will continue to invest and innovate in this opportunity?rich market.”
As Garmin pushes into the second quarter, the company is launching new portable navigation devices, outdoor/fitness devices and marine chartplotters. Included in this is the Forerunner 110 ‘providing an even more affordable price point in our very popular Forerunner line?up.’
