GARMIN REPORTS FIRST QUARTER REVENUE AND PROFIT GROWTH
May 7, 2019
May 1st, Garmin Ltd. (Nasdaq: GRMN) announced results for the first quarter ended March 30, 2019. Highlights for the first quarter 2019 include record first quarter revenue of $766 million, an 8% increase, with marine, aviation, fitness and outdoor collectively increasing 12% over the prior year quarter.
Gross margin of 59.0% was off marginally compared to the prior year quarter as was operating margin of 19.8% compared to 20.0% in the prior year quarter. However, operating income of $151 million increased 6% over the prior year quarter.
“Revenue and profit grew, led by strong double-digit growth in marine, aviation, fitness, and outdoor on a combined basis,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “We are optimistic as we enter the important mid-year selling season. Our product portfolio is very strong, bolstered by recent introductions, with more to come throughout the remainder of the year.”
“Revenue from the marine segment grew 18% in the quarter driven by strong demand for our chartplotters and Panoptix TM LiveScope sonars. Gross and operating margin were 58% and 19%, respectively. We recently introduced the ECHOMAP TM Ultra series, combining built-in Panoptix LiveScope support with new mapping content. During the quarter, we were named 2018 Supplier of the Year by Independent Boat Builders, Inc.