SCHAFFHAUSEN, Switzerland — Garmin Ltd. has released its second quarter results for the period ending on June 26.
The company reports total revenues of $674 million, down 8 percent from $729 million in second quarter 2010. Overall revenues in the North American market were down 21 percent to $358 million compared to $455 million for the same time period last year.
Year to date, the company has total revenues of $1.18 billion, up 2 percent from $1.16 billion in 2010, The Marine segment revenue increased 13 percent to $130 million, compared to the same time period in 2010.
“The marine segment posted revenue growth of 6 percent with our new series of echo fishfinders doing well in the market,” CEO Dr. Min Kao said in a press release. “These products have a lower margin profile than our chartplotters and networked solutions, which has put some pressure on the operating profit of the segment. We expect the margins to improve as product mix normalizes throughout the remainder of the year.”