Navigator specialist Garmin has reported record quarterly results for Q3 2006.
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Revenue of $408.0m was up 62% from $251.3m in Q3 2005. Automotive/mobile segment revenue increased 147% to $238.0m. Earnings per share rose 19% to $0.56 from $0.47 in 2005.
Automotive/Mobile segment revenue increased 168% to $644.1m for the first nine months in 2006. Earnings per share increased 48% to $1.52 from $1.03 in the three quarters of 2005.
Garmin said it continued to experience triple digit growth in its automotive/mobile segment and improved market share both in Europe and the US, taking advantage of the growing demand for portable navigation devices in both of these important markets.
For the full year Garmin is expecting overall revenue to exceed $1.68bn while earnings per share should exceed $2.04.
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