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Garmin Q4 2011 earnings surpass analyst forecasts


Article by: Darren Griffin
Date: 24 Feb 2012

pocketgpsworld.com
Garmin have cause to celebrate following the release of their Q4 2011 earnings report.

Surpassing analyst predictions by as much as 30%, Garmin reported Q4 revenue of $906m, up 36.4% on the previous quarter and 8.6% over earnings in the same period of 2010. Currency fluctuations had an -11% impact without which earnings would have been even higher.

Garmin have always had a presence in a number of market areas and this seems to be paying dividends. Although the PND market continues to decline, the in-dash market is growing as are sales of outdoor and fitness products.

Sales in Europe, aided by the purchase of Navigon helped offset a stagnant North American market with growth remaining strongest in the Auto/Mobile market segment. Garmin's focus on Outdoor and Fitness market areas has also seen large gains whilst Aviation remained fairly static and Marine was down 10% over Q3.



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Comments
Posted by crazyhazy on Fri Feb 24, 2012 9:33 am Reply with quote

I just wish their customer service department was as successful, it takes them approximately one week to reply Surprised


Graham

Tomtom One
App 8.010 (9369/080529) OS:190943
GPS v1.21, Boot 5.5011
United Kingdom and Replublic of Ireland v885.4058

 
Posted by Darren on Fri Feb 24, 2012 9:36 am Reply with quote

Have you tried calling them? Garmin CS has always been very good in my experience?


Darren Griffin - Editor

 
Posted by crazyhazy on Fri Feb 24, 2012 9:53 am Reply with quote

Actually, no I haven't, normally you would not think twice about ringing because of the charges involved nowadays, I have just noticed they have a freephone number, well there you go, apologies to Garmin customer services Embarassed


Graham

Tomtom One
App 8.010 (9369/080529) OS:190943
GPS v1.21, Boot 5.5011
United Kingdom and Replublic of Ireland v885.4058

 
Posted by Kremmen on Fri Feb 24, 2012 10:25 am Reply with quote

I wonder if this is partly due to disgruntled TomTom owners voting with their wallets ?


Garmin 2699 LMT-D (In the car)
Garmin 2599 LMT-D (Indoor test rig)
Garmin 2597 LMT (Redundant)

Let's be careful out there !

 
Posted by xtraseller on Fri Feb 24, 2012 7:29 pm Reply with quote

Probably down to market saturation at least in the PND market where really you have 2 main choices everywhere - Garmin (including a horde of sub-100 units) and TomTom, plus in a few stores and online retailers Navman / Mio

Pretty much everyone else has dropped out, and at the price many PNDs retain at today, I know a lot of people who buy one, just because they can and may find it useful twice a year

Good on Garmin though, lets hope they plough some of it's cash in to a decent routing algorithm (haven't tried their latest v3 routing)and some sharper map displays (map render not screen resolution - their new top end units look okay there)

As for moving to Garmin from TomTom, after many years preferring Garmin I have (95%) converted TO TT


TomTom Go Live 6100, 600
Garmin DriveLux 50, D-Smart 70, NuviCam, 3598, 2699, 2798
Mio Navman 695
Nexus 6p, Apple iPhone 6sPlus and Microsoft Lumia 950xl running TomTom, Garmin, CoPilot, Navigon, Sygic, Here Drive, Google, Waze, MS Maps

 
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