April 30 Garmin Ltd reported a
better-than-expected 10 percent rise in quarterly revenue as
higher sales of its fitness and aviation devices made up for
shrinking sales of personal navigation devices, a market it once
The company's net income rose to $118.8 million, or 61 cents
per share, in the first quarter ended March 29, from $88.7
million, or 45 cents per share, a year earlier.
Pro-forma earnings were 55 cents per share.
Revenue rose to $583.2 million from a year earlier.
Analysts on average had expected earnings of 44 cents per
share on revenue of $541 million, according to Thomson Reuters
Sales at the fitness business, which makes products such as
GPS-enabled watches to count calories and monitor heart beats,
rose 38 percent to $100.3 million.
The unit was the second-largest revenue contributor after
the automotive/mobile business, where sales dropped 4 percent.
Sales in the aviation business rose 19 percent to $95.9
million in the quarter. The unit sells products such as audio
panels and collision avoidance systems to aircraft makers
including Cessna and Bombardier Inc.
Rival TomTom on Tuesday increased its outlook for
2014, boosted by stronger-than-expected results in the first
quarter and a one-off tax settlement.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by