Garmin Ltd today reported sales of US$557m for its first quarter ended March 31, 2012, a ten per cent gain compared to the same period a year ago. Its net income was US$88.6m compared to US$83.5m a year ago.
Its marine division reported increased sales of 10 per cent to US$56m for the quarter compared to a year ago, and up 30 per cent compared to the previous quarter. “The boating industry is again showing signs of recovery but much uncertainty remains with high fuel prices and continued tight credit for luxury items,” said Dr. Min Kao, chairman and CEO, in a statement.
Kao added that its marine division will continue to invest this year and will experience reduced operating margins. “This near-term investment should deliver revenue growth, along with margin expansion, in 2013,” he said.
The company said it recently sold more than 100 million products since it was founded 23 years ago.