Garmin (NASDAQ: GRMN) reported first quarter 2019 results, which beat the market estimates. The wearable major’s adjusted EPS increased 7% year-over-year to $0.73 and revenue rose 8% to $766 million. Wall Street predicted Garmin to post earnings of $0.71 per share on revenue of $739.97 million. Garmin stock was down about 4% in the pre-market trading hours today.
GAAP EPS also rose 7% year-over-year to $0.74 for the first quarter ended March 31, 2019. The company experienced revenue growth in all the segments except Auto.
Garmin maintained its revenue guidance of approximately $3.5 billion and pro forma EPS of $3.70 for fiscal year 2019.
“Revenue and profit grew, led by strong double-digit growth in marine, aviation, fitness, and outdoor on a combined basis. We are optimistic as we enter the important mid-year selling season,” said CEO Cliff Pemble.
For the March quarter, Marine and Aviation segments registered strong revenue growth of 18% and 17%, respectively. Marine segment’s growth was driven by strong demand for chartplotters and Panoptix LiveScope sonars. Aviation segment revenue benefited with contributions from both the aftermarket and OEM categories.
Garmin’s peer Fitbit (NYSE: FIT) is slated to release its Q1 results today after market closes. Market watches expect the San Francisco, California-based firm to report a loss of $0.22 per share on revenue of $259.8 billion.
Apple (NASDAQ: AAPL) reported that its wearable business grew about 50% in the recently ended quarter and added that Apple Watch produced its best results for a non-holiday quarter.
Shares of Garmin, which inched up 0.33% at $85.74 when the market closed yesterday, have gained 35% since the beginning of 2019 and 46% over the past 52 weeks. Garmin stock hit a 52-week high ($89.72) on April 12, 2019.