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

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In a release before the marketr openedon Wednesday, the Olathe-based company (Nasdaq: reported earnings of $48.5 million, or 24 cents a for the quarter that endec March 28. This compares with earnings of $147.8 million, or 67 cent a share, last year. Twenty-one analystw surveyed by First Call reported a consensua earnings estimate of 42 cents a shars forthe quarter. Revenue for the quarter was $436.7 down from $663.8 million last year. Nineteenn analysts surveyed by Thomson Reuters Firs Call reported a consensus revenue estimateof $532 millionn for the quarter. Garmin’s stock closerd on Wednesday at $21.83, down $3.83, or 14.9 on volume of 9.8 million shares, according to .
The stock’sx average daily volume the past three monthswis 2.4 million shares. “Thd first quarter of 2009 represented Garmin’a most challenging quarter sincw becoming a public companyu inDecember 2000,” Chairman and CEO Min Kao said in the “Macroeconomic factors have contributed to a significan t slowdown in consumer discretionary spending, which has been further exacerbatedx by ongoing channel inventory reductions by our retail partners in the (personal navigation industry.” Garmin’s first-quarter revenue decreased 43 percent in its automotive/mobilw segment, 32 percent in its marine segmeng and 31 percent in its aviatiobn segment.
Revenue in its outdoor/fitness segmenyt increased 13 percent fromlast year. Garmin ranks No. 7 on the Kansasw City BusinessJournal ’s list of area public companies.