Reuters — Garmin posted first-quarter revenue and profit above Street expectations on Wednesday, buoyed by strong demand for advanced fitness wearables and steady growth in its aviation and marine businesses.
The company has continued to attract endurance athletes, outdoor enthusiasts and health-conscious consumers seeking specialized devices, even as discretionary spending comes under pressure in some markets.
Its focus on premium, feature-rich products has helped cushion demand against broader weakness in consumer electronics, allowing it to carve out a niche with specialized products despite competition from giants such as Apple and Samsung.
Based in Olathe, Kansas, Garmin sells GPS devices and related technology across multiple segments including fitness, outdoor recreation, aviation and marine.
Fitness segment revenue jumped 42% from last year, while revenue from the aviation unit rose 18% in the quarter.
Garmin’s total revenue for the quarter ended March 28 rose 14% to $1.75 billion, above analysts’ estimates of $1.72 billion.
The company posted quarterly profit of $2.08 per share on an adjusted basis, beating estimates of $1.82 per share.
