Garmin’s revenue for the year increased by 3%, while sales of automotive devices and fitness bands has decreased by 12%.
Garmin, recently reported the purchase of Navionics, has published a report for the third quarter of 2017 financial year.
Income for the reporting period amounted to 743,077 million dollars. A year ago it was equal 722,250 million dollars. In other words, during the year, income increased by 3%. Operating profit, expressed as a share of income also rose 22.1% to 22.8%. At the same time gross profit increased from 56.2% to 58.4%.
If we consider the income structure of the company’s segments, it turns out, the highest increase — 31% — showed the unit producing navigation (excluding specialized models for automobile, air and waterborne transport), and wearable electronic devices (excluding smart watches). Aviation navigators were sold, 16% more than a year ago and 10%. At the same time, sales of automotive devices and fitness bands decreased by 12%.