Garmin reports record first quarter revenue and double-digit earnings growth

Garmin reports record first quarter revenue and double-digit earnings growth

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US: Garmin has announced the results for the first quarter ended March 31, 2018.

Highlights for the first quarter 2018 include:

  • Total revenue of $711 million, growing 11% over the prior year, with outdoor, fitness, aviation, and marine collectively growing 18% over the prior year quarter and contributing 80% of total revenue
  • Gross margin improved to 60.0% compared to 58.1% in the prior year quarter
  • Operating margin improved to 20.0% compared to 18.2% in the prior year quarter
  • Operating income grew 22%
  • GAAP and pro forma EPS(1) was $0.68
  • Launched the G500H TXi, a new generation of touchscreen flight decks for helicopters
  • Began shipping the Forerunner® 645M, our first GPS running watch with integrated music and Garmin Pay contactless payments
  • Recently held our second annual Connect IQ™ Summit hosting developers from around the world

Cliff Pemble, President, and Chief Executive Officer, said “We achieved record first-quarter revenue with double-digit consolidated growth led by strong growth in our outdoor, fitness, aviation, and marine segments,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “Both the outdoor and fitness segments delivered solid, double-digit revenue growth, and we remain confident in our wearable product offerings. We are pleased with our first quarter results and look forward to launching new, compelling products throughout the remainder of the year.”