Garmin Posts Record Quarter
Remember that post-9/11, war-induced, economy-in-the-toilet downturn the aviation industry is battling? Someone forgot to tell Garmin and the company just kept making money. In fact, while many businesses were trying to keep their other foot out of the grave, the avionics company posted a record 23-percent revenue increase in the first quarter of 2003 (compared to the same period during 2002). Revenue increased to almost $124 million from $101 million and profits increased to $41.5 million from $26.8 million. "Overall demand for our products continues to expand," said CEO Dr. Min Kao. Garmin also won a couple of major contracts, including avionics for Cessna's new Mustang personal jet and Diamond's twin diesel, the DA42. And while aircraft owners all over the world keep putting the latest and greatest GPSs in their planes, Garmin is expanding its markets to include the automotive industry and the development of fully integrated GPS navigation for personal data assistants (PDAs). The company expects the current quarter to be even better, with revenues of up to $143 million.