Marine unit up at Garmin
SCHAFFHAUSEN, Switzerland — Revenues from Garmin Ltd.’s marine segment increased 9 percent to $37 million during its fourth quarter, which ended on Dec. 25, 2010.
Marine segment revenues were also up 12 percent for the year to $199 million. Total revenues for the year were $2.69 billion, down 9 percent from 2009. The decrease in revenues is due to a 19 percent decrease in the company’s largest segment: Automotive/Mobile.
In his executive overview Garmin Chairman and CEO Dr. Min Kao said this about the marine segment: “With full year improvement in margins, the segment contributed $67 million of operating income in 2010. As we look forward to 2011, we are excited to be launching Garmin marine electronics with a growing number of OEM partners including Volvo Penta, Bavaria Yachts, Tiara Yachts and Chaparral. In addition, we have refreshed our fishfinder line-up for the spring season. Throughout the coming year, we will continue to build our position in the segment through innovation and OEM relationships that offer long-term growth.”
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