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Revenue from the company's fitness business, which accounts for
nearly 30 percent of total revenue, rose 13.6 percent in the
fourth quarter ended Dec. 26.
Garmin benefited from strong demand for its fitness products
that include its Vivo family of wrist bands and smartwatches
especially during the holiday season.
However, the business faces stiff competition from Apple Inc's
Apple Watch and fitness devices from companies such as Fitbit
Inc.
Revenue in the company's aviation business, which makes gadgets
such as altimeters and transponders, rose 11.6 percent in the
quarter.
Automotive revenue, however, fell 21 percent to $268.5 million
as its biggest business was hit by a fall in demand for its
personal navigation devices such as Nüvi and Zumo.
The company's net income fell to $132.4 million, or 70 cents per
share, from $210.2 million, or $1.09 per share.
It reported pro forma earnings of 74 cents per share, handily
beating the average analyst estimate of 48 cents, according to
Thomson Reuters I/B/E/S.
Net sales fell 2.7 percent to $781.4 million, still above the
average analyst estimate of $760.1 million.
The company forecast 2016 revenue of $2.82 billion. Analysts on
average were expecting $2.78 billion.
Up to Tuesday's close, Garmin's stock had fallen 37 percent in
the past 12 months.
(Reporting by Abhirup Roy and Kshitiz Goliya in Bengaluru;
Editing by Don Sebastian)
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