Strong growth of the Automotive/Mobile segment in North American continued to become a larger portion of total company revenues when compared with the same quarter in 2006, at 68% of total revenues. The Automotive/Mobile segment revenue increased 99% to $508 million in second quarter 2007. Outdoor/Fitness segment revenue increased 9% to $77 million in second quarter 2007 while the Aviation segment revenue increased 39% to $78 million. North America revenue was $455 million compared to $233 million, up 95%. Total revenue of $742 million, up 72% from $433 million in second quarter 2006.
Garmin's Chairman and Chief Executive Officer, Dr. Min Kao, provided: "Garmin experienced a very exciting second quarter. Our strong growth in the automotive/mobile segment demonstrated that our products continue to be well-positioned to take advantage of the growing demand for portable navigation devices. We are pleased that, according to independent market research, we have maintained a strong leadership position in North America with approximately fifty percent PND market share. The nüvi(TM) 200W and 250W products delivered during the second quarter will provide an attractive option for cost-conscious consumers who prefer a wide-screen display."
Garmin GPS continues to attain strong growth through the outdoor/fitness segment.
CEO, Dr. Min Kao, reports that "Revenue in our outdoor/fitness segment increased when compared to the year ago quarter. We look forward to increased sales generated by the newly released Astro dog tracking product, as well as new eTrex and Rino products which provide high-sensitivity GPS performance. We still see good growth opportunities for this segment, however we believe revenue growth for this segment will be lower than earlier anticipated due to the timing of our new product introductions."
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