I'd rather have a stronger dollar anyway!

NEW YORK AP - Navigational-device maker Garmin Ltd. said Wednesday fiscal third-quarter profit fell nearly 12 percent, as strong revenue growth was offset by the dollar's strength against the euro.

Profit for the quarter ended Sept. 27 fell to $171.2 million, or 82 cents per share, from $193.5 million, or 88 cents per share. Excluding foreign-currency exchange, or the detrimental effect of the stronger dollar, net income would have been 87 cents per share.

Revenue rose 19 percent to $870.4 million from $728.7 million.

Analysts polled by Thomson Reuters expected a profit of 84 cents per share on revenue of $865.6 million.

Revenue in the Cayman Islands-based company's automotive and mobile segment grew 21 percent to $626 million, while revenue in its outdoor and fitness segment grew 35 percent to $119 million.

Revenue in Europe grew 9 percent to $247 million while Asian revenue fell 21 percent to $38 million.

The company said it is taking into account the weakening economic environment and plans to reduce inventory by $150 million by the end of the year. The company also lowered its full-year guidance due to weakening economic conditions and the stronger dollar.