Garmin posts gain in revenue for Q1

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Garmin Ltd. reported revenue of $711 million in the first quarter of this year, an 11 percent gain over the year prior.

The company’s outdoor, fitness, aviation and marine segments collectively grew 18 percent, compared to the prior year first quarter, and contributed 80 percent of total revenue.

Gross margins improved to 60 percent, versus 58.1 percent in the first quarter of 2017.

“We achieved record first-quarter revenue, with double-digit consolidated growth led by strong growth in our outdoor, fitness, aviation and marine segments,” Garmin president and CEO Cliff Pemble said in a statement. “Both the outdoor and fitness segments delivered solid, double-digit revenue growth, and we remain confident in our wearable product offerings.”

The marine segment posted revenue growth of 9 percent, driven by the company’s recent Navionics acquisition.

Gross margins in marine increased year-over-year to 59 percent, while operating margin declined to 12 percent. During the first quarter of 2018, Garmin introduced the GCV 20 ultra-high-definition scanning sonar, which delivers higher resolution imaging at greater depths.

Additionally, Garmin said it was selected as the exclusive marine electronics supplier to Independent Boat Builders Inc., the industry’s largest purchasing cooperative network.

Garmin said it will continue to focus on innovation and on its efforts to make market-share gains in the inland fishing category.

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