Garmin today reported sales of US$711m for its first quarter, up 11% compared to the same period a year ago. Net income was US$129.4m compared to US$238.4m a year ago.
The company’s marine segment reported 9% sales growth, driven by its Navionics acquisition. It said gross margins were up year-over-year to 59%, while operating margins declined to 12%.
“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 CEO of Garmin Ltd in a statement.
Garmin said it would maintain its 2018 guidance for revenue of approximately US$3.2bn and pro forma EPS of US$3.05.