— Garmin Ltd. (NASDAQ: GRMN) reported its third-quarter 2019 GAAP earnings of $1.19 per share and pro forma earnings of $1.27 per share. This is compared to the analysts’ expectation of $0.95 per share.
— Revenue grew by 15% to $934 million versus $866.86 million expected. The top line was driven by a 24% increase in aviation, marine, fitness, and outdoor.
— Revenue in the aviation segment grew by 28% with contributions from both the aftermarket and OEM categories. Fitness segment revenue climbed by 28% helped by strength in wearables and contributions from Tacx, its recent acquisition.
— Revenue from the outdoor segment jumped by 23% with growth in multiple product categories, led by strong performance in the adventure watch category.
— Revenue from the marine segment grew by 9% driven by strong performance in its chartplotters. However, the auto segment showed a 17% drop in revenue primarily due to the decline in its OEM business and the ongoing PND market contraction.
— Looking ahead into the full year 2019, the company lifted its revenue outlook to about $3.65 billion from the previous estimate of about $3.6 billion.
— The earnings guidance for the full year is raised to about $4.15 per share from the prior forecast of about $3.90 per share.
— The gross margin is still predicted to be about 59.5% for the full year while operating margin is now projected to be 24.3%.
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