Garmin Financial – Q1 Sales Are In

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Garmin have just announced impressive Q1 financials.



Selected highlights for Q1.2019’s numbers include:

  • Record first quarter revenue of $766 million, an 8% increase, with marine, aviation, fitness and outdoor collectively increasing 12% over the prior year quarter
  • Gross margin of 59.0% compared to 60.0% in the prior year quarter
  • Operating margin of 19.8% compared to 20.0% in the prior year quarter
  • Operating income of $151 million, increasing 6% over the prior year quarter

In terms of FITNESS we see sales growth of 9% and Outdoor (Fenix) up by 7%.

Nothinkg spectacular happened with the share price

And here are the wordy bits that should be of interest:


Revenue from the fitness segment grew 9% in the quarter driven by strength in wearables. Gross and operating margin were 50% and 10%, respectively. The decline in gross margin is primarily due to lower selling prices and product mix. We recently closed on our acquisition of Tacx, expanding our reach into the indoor cycling and training market. We also recently introduced a full refresh of our running watches with the Forerunner 45, Forerunner 245 and Forerunner 945, providing both smart watch features and enhanced running dynamics for all runners. We also announced the availability of our first Menstrual Cycle Tracking feature for Garmin ConnectTM. This feature will help women make the connection between their current cycle phase, physical and emotional symptoms and their overall wellbeing.


Revenue from the outdoor segment grew 7% in the quarter with contributions from multiple product categories. Gross and operating margin were 63% and 27%, respectively. During the quarter, we introduced MARQ, a collection of lifestyle inspired watches reflecting our strong heritage as an active lifestyles company. Also, we launched the Approach S40, a stylish golf watch featuring a color touch screen display and smartwatch capabilities.

I would be interesting to see where the MARQ ATHLETE is classified. It looks like it would be in OUTDOOR but it is clearly a 945 in emperor’s clothing.


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