Slower consumer spending and lower demand from retailers led to Garmin's "most challenging quarter" since going public in 2000, thedevice maker's CEO said Wednesday.
Total revenue for Garmin's first quarter, which ended March 29, dropped to $437 million, down 34 percent from $664 million in the first quarter of 2008.
Earnings per share sunk to 24 cents from 67 cents in the year-ago quarter, marking a 24 percent drop. That compares with expectations of analysts polled by Thomson Reuters of 42 cents per share on revenue of $531.6 million. Excluding the impact from foreign-exchange rates, earnings per share decreased 64 percent year over year, to 25 cents from 69 cents.
Garmin's geographical units each saw weaker results. North American revenue fell to $265 million, compared with $411 million in the same quarter of 2008, down 36 percent. Sales in Europe dropped to $144 million from $211 million, down 32 percent. Revenue in Asia was $28 million, compared with $42 million, down 33 percent.… Read more