grmn

Garmin (NASDAQ:GRMN) has bought Germany-based navigation provider Navigon AG in an effort to expand into Europe and improve its position against TomTom.

Garmin Ltd.(GRMN) is down 6% this morning, hit by lower-than-expected 2010 Q4 earnings. The navigation provider posted EPS of $0.83, vs. the analyst consensus of $0.88 on Thomson Reuters. It posted revenue of $838 mln, better than

Technology heavyweights are generally up this morning. But the rise is capped by Garmin and Hewlett-Packard declines.

The company saw continued strength in its Outdoor/Fitness segment, Aviation segment, and Marine segment.

Garmin sees 2011 EPS of $2.25 to $2.50, vs. consensus estimates of $2.57 per share, on revenues of $2.4 billion to $2.5 billion, vs. consensus estimates of $2.54 billion.

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Garmin Ltd. (NASDAQ:GRMN) reported Q4 EPS of $0.83, missing consensus estimates of $0.88 per share. Revenues for the quarter fell 21% year-over-year to $838.0 million, missing consensus estimates of $865.4 million.

Products that will be developed are expected to be released in 2012, according to the announcement at the Miami International Boat Show.

Shares are down 2.12% to $32.72.

Garmin (GRMN) said today it has formed a strategic alliance with AB Volvo Penta (VOLVY.PK) to leverage both companies' navigation and propulsion expertise to develop and market marine instrumentation and communication equipment.