Garmin’s Q1 net income almost triples y/y to USD237.8 million on marginal growth in sales
Auto business continues to underperform amid declining demand in PND market
Garmin’s net income almost tripled year on year (y/y) to USD237.8 million in the first quarter ended 1 April 2017, thanks to strong performance in its Non-auto business units (includes Aviation, Fitness, Outdoor, and Marine), which collectively reported 12% y/y growth in revenue in the quarter, the Switzerland-based company said in a press release on 3 May. However, the company’s Auto business unit continued to underperform during the quarter and recorded a 19% y/y decline in sales to USD157.5 million.
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