Garmin’s third quarter was bolstered mainly by its rapidly growing automotive segment, but the Outdoor/Fitness and Marine divisions also saw some solid numbers on both the top and bottom line. Third quarter 2006 total revenue was $408.0 million, up 62% from $251.3 million in third quarter 2005. Garmin has many new branding initiatives, including a new store in Chicago, which will open November 11.

The Outdoor/Fitness segment revenue increased 22% to $70.7 million in third quarter 2006 with gross margins falling four percentage points to 56% compared to 60% last year due to unfavorable product mix and lower component cost reductions. Operating margins also declined from 45% to 41%, in line with gross margin change. Garmin management expects to achieve at least 20% growth in Outdoor in 2006.

The Marine segment revenue increased 12% to $40.6 million in third quarter 2006. 61% of the company’s Q3 revenues were generated from products released within the last 12 months. Q3 marine gross margins declined from 60% to 53% due to unfavorable product mix and certain price changes as the company anticipates new marine product introductions in the upcoming months. Marine operating margins declined eight full percentage points, from 42% to 34%.

All geographic areas experienced significant growth with North America revenue at $264.7 million, increasing 62%. Europe revenue was $120.0 million, up 59%, and Asia revenue was $23.3 million up 84%.

Earnings per share increased 19% to 56 cents from 47 cents in the third quarter of 2005; excluding foreign exchange, EPS increased 52% to 50 cents from 33 cents in 2005.