Garmin said today that portable navigation devices (PNDs) are declining at a slightly lower rate than expected on a global scale, or at an overall rate of 10-15 percent with stable pricing in 2015. Therefore, the company said it will continue to innovate in the segment “with disciplined investment levels,” as it aims to grow its market share and keep the segment profitable.
Garmin also reported its financial results for 2014, showing a 5 percent decline in net sales in its automotive division. However, it said profits in automotive are “solid.”
Overall, in all sectors for the year, (including marine and outdoor/fitness) Garmin reported a 9 percent gain in net sales to $2.9 billion, but a steep net income drop to $364 million, down from $612 million a year ago. However, for the fourth quarter, specifically, Garmin’s profits rose to $210 million from $164 million, compared to the fourth quarter a year ago.
See the full earnings report here.