(RTTNews) - Garmin Ltd. (GRMN: News ), a maker of global positioning system, or GPS-enabled products, reported Wednesday an increase in third-quarter profit, despite a 10% decline in revenues, reflecting improved gross margins as well as lower costs incurred during the period.

The Camana Bay, Cayman Islands-based company's net income for the quarter increased to $215.13 million or $1.07 per share from $171.24 million or $0.82 per share in the previous year.

Results for the quarter include foreign currency translation gain of $9.85 million. Excluding items, pro forma net income for the quarter rose to $205.28 million or $1.02 per share, from $181.57 million or $0.87 per share in the same quarter last year. On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share for the quarter. Analysts' estimates typically exclude special items.

In its second quarter, the company posted net income of $161.87 million or $0.81 per share, compared with $256.09 million or $1.19 per share in the same quarter last year.

Net sales for the third quarter declined 10% to $781.25 million from $870.35 million in the same quarter last year. Seventeen analysts had a consensus revenue estimate of $703.91 million for the quarter. Garmin's second-quarter net sales were $669.10 million, down 27% from $911.67 million in the prior year second quarter.

Segment-wise, net sales from Outdoor/Fitness increased 11% to $132.17 million from $118.61 million a year ago.

Marine generated net sales of $45.43 million, up 3%, from $44.05 million last year. "While we do not expect to post significant growth in this segment until the macroeconomic conditions improve, we do expect that year-over-year revenues have stabilized in the near-term," the company said.

Automotive/Mobile segment net sales decreased 13% to $545.71 million from $626.51 million in the same quarter last year. Aviation net sales were $57.95 million, down 29%, compared to $81.19 million in the prior year, as the segment continues to be affected by the difficult economic environment. The company said it does not anticipate growth in the industry until overall market conditions show consistent stabilization.

According to the company, North America and Europe continued to experience year-over-year revenue declines while Asia improved from last year. North America revenue was $503 million, down 14%, compared to $585 million a year ago and Europe revenue decreased 4% to $237 million from $247 million last year. Asia revenues increased 8% to $41 million from $38 million in the previous year.

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