uploads///garmin business segment

What Drove Garmin’s Sales in the First Quarter?


May. 2 2019, Published 11:10 a.m. ET

Marine sales grew 18% in the first quarter

Garmin’s (GRMN) businesses include the Fitness, Outdoor, Auto, Aviation, and Marine segments. The company launched several products across these segments in the first quarter, which drove its revenue growth.

In the first quarter, revenue from Garmin’s Marine segment rose 18% to $134 million driven by strong chartplotter and sonar sales. Its Aviation revenue rose 17% to $171 million, while its Fitness revenue rose 9% to $180 million in the first quarter of 2019.

Sign up for Bagels & Stox, our witty take on the top market and investment news, straight to your inbox! Whether you’re a serious investor or just want to be informed, Bagels & Stox will be your favorite email.

Garmin’s Fitness segment’s shipments were driven by strong wearables sales. In the Fitness vertical, Garmin completed the acquisition of Tacx and expanded its product portfolio to indoor cycling and training.

Garmin completely refreshed its Forerunner line of running watches in the quarter. It also introduced a new Garmin connect application and a new menstrual cycle tracking feature.

Article continues below advertisement

Outdoor sales rose ~7% in the first quarter

Garmin’s Outdoor segment grew its sales 7% to $154 million and experienced growth across multiple product categories. Garmin also introduced the MARQ series, a new line of smart tool watches, and it launched the S40 golf watch, which combines golf functionality with smart features.

Garmin’s Auto segment’s sales fell 10% to $127 million in the quarter. The company was, however, named the leading design and manufacturing partner of BMW for the development of next-generation vehicle computing systems.

At the end of the first quarter of 2019, the Fitness segment accounted for 23.5% of Garmin’s sales followed by the Aviation, Outdoor, Marine, and Auto segments at 22.3%, 20.1%, 17.5%, and 16.6% of sales, respectively.


More From Market Realist

    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.