Garmin Reports Robust Q1

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Garmin reported a strong first quarter with consolidated net sales of $1.07 billion, a 25 percent increase compared with the same period last year.

Double-digit growth in the automotive, fitness, marine and outdoor segments were chiefly responsible for the results, the company said.

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Gross margin and operating margin were 59.8 percent and 23.3 percent, respectively, and operating income of $250 million reflected a 41 percent jump compared with the prior year.

Led by demand for plotters and Panoptix LiveScope sonar, the marine segment posted sales of $209.4 million, a 28 percent increase in revenue.

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“Broad momentum across our business segments resulted in strong double-digit revenue and profit growth,” president and CEO Cliff Pemble said in a statement. “Interest in fitness, health, and active lifestyle products has never been higher, and we believe that we are well-positioned to capitalize on the opportunities ahead.”

Earlier this month, Garmin and Mercury Marine announced expanded access to VesselView functionality with the launch of SmartCraft Connect, which provides engine information on Garmin MFDs.

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