UPDATE 2-Garmin Q4 profit tops Street, warns on margins
* Q4 adj EPS $1.43 vs est $0.95
* Disappointed by nuvifone sales
* Sees falling margins in 2010
* Sees weak PND sales in 2010
(Recasts, adds details, share movement)
Feb 24 (Reuters) - No. 1 U.S. navigation device maker Garmin (GRMN.O: Cotización) posted quarterly results that topped Wall Street expectations as it sold more units, but warned that falling prices and increased competition could hurt margins in 2010.
The company's shares rose about 3 percent in volatile pre-market trading on better-than-expected results.
The personal navigation market -- once a duopoly of Garmin and Dutch rival TomTom (TOM2.AS: Cotización) -- has become increasingly crowded, with Google (GOOG.O: Cotización) and Nokia NOK1V.HE joining the fray by offering free navigation software. For the fourth quarter, the company posted earnings of $1.43 cents a share, excluding items, beating analysts' expectations of 95 cents a share, according to Thomson Reuters I/B/E/S. [ID:nWNAB1042].
Gross margins for the period rose by more than 4 percentage points to 46 percent as price declines slowed. Revenue from its biggest segment - automotive/mobile - fell 2 percent to $812 million. Continuación...