MapBiz: Garmin Reports Record Revenue
Global Positioning System (GPS) consumer market leader Garmin, Ltd. announced record revenue for last year. The Kansas-based maker of GPS-based navigation units for the consumer and aviation markets recorded total revenue for the 4th quarter of 2005 of $319.3 million, up 45% from the same quarter of 2004. Fueled by what the company called a strong holiday season, earnings per share for the last quarter of 2005 were $0.80, an increase of 82% from the the previous year.
For all of 2005, total revenue was $1.03 billion, up 35% from the $762.5 million the firm earned in 2004. For the year, earnings per share increased 51% to $2.85 from $1.89 in 2004. All per share figures exclude foreign exchange. During 2005 TomTom invaded Garmin's home turf with a large scale media advertising campaign. Despite that, Garmin reports North American revenue increased 29% to $211.4 million.
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