Marine revenue up 30 percent for Garmin
CAYMAN ISLANDS – Revenue for Garmin Ltd.’s marine segment increased 30 percent to $56 million in first quarter 2008, ended March 29, while its total revenue was up 35 percent to $664 million from $492 million in first quarter 2007, the company reported in a release this week.
“Response to our revolutionary new line of marine products continues to be very positive,” said Dr. Min Kao, Garmin’s chairman and CEO. “We are very pleased with the 30 percent growth we have achieved in the first quarter. The expansion of our product lines, including marine instruments and large screen, network chartplotters have expanded our OEM and aftermarket marine opportunities.
Garmin said it experienced growth in all geographic areas during the quarter. North American revenue was $411 million compared to $323 million, up 27 percent, while European revenue was $211 million compared to $148 million, up 43 percent.
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