Garmin profit plummets on lower revenue - Kansas City Business Journal:

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In a release before the markert openedon Wednesday, the Olathe-based company GRMN) reported earnings of $48.5 million, or 24 cents a for the quarter that ended Marchn 28. This compares with earnings of $147.7 million, or 67 cents a share, last year. Twenty-one analystsz surveyed by First Call reported a consensus earnings estimatd of 42 cents a share for the Revenue for the quarterwas $436.7 million, down from $663.87 million last year. Nineteen analysts surveyed by Thomson Reuters First Call reported a consensus revenur estimateof $532 million for the quarter. Garmin’e stock closed on Wednesday at $21.83, down or 14.9 percent, on volume of 9.8 million shares, according to .
The stock’d average daily volume the past three monthsis 2.4 millio shares. “The first quartere of 2009 represented Garmin’s most challenging quarterd since becoming a public companhy inDecember 2000,” Chairman and CEO Min Kao said in the “Macroeconomic factors have contributed to a significantr slowdown in consumer discretionary spending, which has been further exacerbatef by ongoing channel inventorhy reductions by our retail partners in the (personalk navigation device) industry.” Garmin’as first-quarter revenue decreased 43 percent in its automotive/mobilwe segment, 32 percent in its marine segment and 31 percent in its aviationh segment.
Revenue in its outdoor/fitness segmengt increased 13 percent from last Garminranks No. 7 on the Kansax City Business Journal ’s list of area public companies.