English 
English Welcome
on East Filters
Looking for auto parts? Please click below.
Our products
Racor Fuel filter/Water Separator
Oil water separator parts
Sakura Filters Equivalent
Fuel filter accessory
Top Searches
Oil filter
Fuel filter
Air filter
Oil water separator
Fuel water separator
Racor
Volvo
Caterpillar
Benz
Perkins
Scania
Komatsu
MAN
HINO
Iveco
TOYOTA
Garmin tries to navigate stock slump
GARMIN Ltd, the world's largest maker of car-navigation devices, yesterday posted second-quarter earnings that missed analyst estimates and cut its sales forecast as competition with TomTom NV hurts prices.
The stock slumped, Bloomberg News reported. Profit, excluding a gain from a sale of Tele Atlas NV shares, was US$0.94 a share, compared with the US$1.01 average analyst estimate in a Bloomberg survey. Sales rose 23 percent to US$911.7 million, Garmin said, falling short the US$959.1 million analysts had projected.
Sales will rise 23 percent this year, instead of 42 percent as predicted in February. Prices are falling as Garmin and Amsterdam-based TomTom try to lure drivers who don't own navigation devices. The company postponed the release of its Nuvifone navigation mobile phone by as much as six months.
Price fall
Garmin, based in Grand Cayman, fell US$5.06, or 11 percent, to US$40 in trading before United States exchanges opened yesterday. The stock declined 90 cents to US$45.06 on Tuesday in Nasdaq Stock Market trading. The stock has lost 54 percent this year, making it the fourth-worst performer on the Nasdaq 100 Index.
TomTom is down 70 percent this year in Amsterdam.
Full-year earnings will be US$4.13, which includes a 27-cent gain from a sale of a stake in map maker Tele Atlas, the company said. Second-quarter net income rose to US$256.1 million, or US$1.19 a share, from US$214.4 million, or US$0.98, a year earlier. The second-quarter results included a gain of 25 cents a share from the Tele Atlas sale.
Sales growth slowed from last year's 79 percent rate because the average selling price dropped. People who don't already own navigation devices are choosing less expensive ones with basic functions, according to Oppenheimer & Co analyst Yair Reiner in New York. Mobile-phone makers such as Nokia Oyj are also selling handsets with navigation features, adding to competition.
The stock slumped, Bloomberg News reported. Profit, excluding a gain from a sale of Tele Atlas NV shares, was US$0.94 a share, compared with the US$1.01 average analyst estimate in a Bloomberg survey. Sales rose 23 percent to US$911.7 million, Garmin said, falling short the US$959.1 million analysts had projected.
Sales will rise 23 percent this year, instead of 42 percent as predicted in February. Prices are falling as Garmin and Amsterdam-based TomTom try to lure drivers who don't own navigation devices. The company postponed the release of its Nuvifone navigation mobile phone by as much as six months.
Price fall
Garmin, based in Grand Cayman, fell US$5.06, or 11 percent, to US$40 in trading before United States exchanges opened yesterday. The stock declined 90 cents to US$45.06 on Tuesday in Nasdaq Stock Market trading. The stock has lost 54 percent this year, making it the fourth-worst performer on the Nasdaq 100 Index.
TomTom is down 70 percent this year in Amsterdam.
Full-year earnings will be US$4.13, which includes a 27-cent gain from a sale of a stake in map maker Tele Atlas, the company said. Second-quarter net income rose to US$256.1 million, or US$1.19 a share, from US$214.4 million, or US$0.98, a year earlier. The second-quarter results included a gain of 25 cents a share from the Tele Atlas sale.
Sales growth slowed from last year's 79 percent rate because the average selling price dropped. People who don't already own navigation devices are choosing less expensive ones with basic functions, according to Oppenheimer & Co analyst Yair Reiner in New York. Mobile-phone makers such as Nokia Oyj are also selling handsets with navigation features, adding to competition.
