Global positioning devices maker Garmin Ltd (NASDAQ:GRMN) was proceeding south at a sedate pace in pre-market trading after announcing fourth-quarter earnings.
The Swiss firm saw net sales rise 3% in the 13 weeks to December 30 to US$888.50mln from USUS$860.77mln the year before.
The automobile division was a drag on top-line growth, as smartphone apps increasingly take the place of sat-nav devices; the auto division's sales fell 14% to US$195.52mln from US$226.60mln the year before.
Net income edged up to US$137.78mln from US$136.61mln the previous year, while pro forma earnings per share rose 9% year-on-year to 79 cents.
Garmin currently expects 2018 revenue of around US$3.2 billion as growth in marine, outdoor and aviation is partially offset by ongoing declines in the portable navigation device market.
Full-year pro forma earnings per share will be roughly US$3.05.
“2017 was our second full year of sales and operating income growth driven by strong sales in our outdoor, aviation and marine segments,” said Cliff Pemble, the president and chief executive officer of Garmin Ltd.
“Entering 2018, we see additional growth opportunities ahead and we believe that we are well positioned to seize these opportunities with a strong line-up of products,” he added.
Garmin's shares were down 16 cents at US$64.86 in pre-market trading.