Garmin Notches Increase In Revenues, Income
By Staff Writer | July 31, 2003
Garmin [Nasdaq: GRMN], a supplier of GPS products, reported that revenues for the second quarter increased 17 percent to $143.5 million, up from $122.8 million in the same period a year ago. Net income rose to $47.2 million, or 43 cents per share, compared to $32.1 million, or 30 cents per share, in the year-ago quarter. Second quarter net income was hurt by a $1.3 million foreign currency loss due to a weaker U.S. dollar, compared to the Taiwan dollar.
“Demand for our products remains strong, spurred by growth in our automotive and recreational product lines. Consumer awareness of the utility of GPS navigation continues to expand and we have experienced growth in our core markets as a result,” said Garmin CEO Min Kao.