Garmin Ltd (GRMN): An expected $60 million increase in rese...

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Tuesday, 02/26/2013 10:24:29 AM

Tuesday, February 26, 2013 10:24:29 AM

An expected $60 million increase in research and development at Garmin Ltd. this year would be the largest ever at the navigational device-maker, an analyst said Monday.

The increase comes as Garmin (Nasdaq: GRMN) is investing in aviation, marine and other segments outside the declining personal navigation device market.

"Garmin has never been squeamish about investing in R&D, but the planned 2013 increase is hefty even by its standards," Yair Reiner of Oppenheimer & Co. said in an analyst note.

On Wednesday, Garmin divulged double-digit decreases in revenue and income in the fourth quarter.

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