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Garmin Marine Posts 26% Growth in Q1

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SCHAFFHAUSEN, Switzerland–Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the first quarter ended April 1, 2017.

Highlights for the first quarter 2017 include:

  • Total revenue of $639 million, growing 2% over the prior year, with marine, outdoor, aviation and fitness collectively growing 12% over the prior year quarter and contributing 75% of total revenue
  • Gross margin improved to 58.3% compared to 54.5% in the prior year quarter
  • Operating margin improved to 18.2% compared to 16.6% in the prior year quarter
  • Operating income grew 12%
  • GAAP EPS was $1.26 and pro forma EPS(1) was $0.52
  • Began shipping the highly anticipated fēnix® 5 adventure watch series, with three watch designs appealing to a broader range of wrist sizes and style preferences
  • Launched the Forerunner 935 multisport watch, and introduced the vívosmart® 3 with all-day stress tracking

“The marine segment posted robust revenue growth of 26% driven by our solid lineup of chartplotters, fishfinders and entertainment products,” the official report notes. “Gross margin increased year-over-year to 57% with product mix shifting toward new products with higher margin profiles. Operating margin improved to 17%, resulting in 76% operating income growth. During the first quarter of 2017, we started shipping our new touchscreen and keyed chartplotter combo offerings in our popular GPSMAP® product line, with positive customer reception. We remain focused on innovations and achieving market share gains within the inland fishing category.”

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