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.
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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.
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.
Shares of Garmin (GRMN) fell just below 7% on May 1, 2019, to close the day at $80.06.
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