Garmin Posts Steep Decline In 1Q Earnings
Stock quotes in this article:
GRMN
DAVID TWIDDY
KANSAS CITY, Mo. (AP) — Navigational device maker Garmin Ltd. on Wednesday said first-quarter profits fell 67 percent, missing Wall Street expectations as the company dealt with slower consumer spending. Company officials also said during a conference call that Garmin's long-delayed entrance into the cellular market was being pushed back again, with the company now expecting to begin selling its Garmin-Asus nuvifone in the second half of this year instead of the first half. Shares fell almost 15 percent in trading Wednesday, dropping $3.83 to $21.83. CEO Min Kao said the overall economy malaise was exacerbated by retailers cutting their inventories. He said the year's first three months "represented Garmin's most challenging quarter since becoming a public company" almost a decade ago. He said the company would focus on new products and further cost cutting to improve profitability in the second quarter. The Cayman Islands-based company, with its headquarters in Olathe, Kan., reported earning $48.5 million, or 24 cents per share. By comparison, Garmin earned $147.8 million, or 67 cents per share, during the same period a year ago.- Loading Comments...
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