{"id":32474,"date":"2023-05-03T12:14:14","date_gmt":"2023-05-03T12:14:14","guid":{"rendered":"https:\/\/lynettelockhart.com\/client\/garmin-tops-quarterly-revenue\/"},"modified":"2023-05-03T12:18:26","modified_gmt":"2023-05-03T12:18:26","slug":"garmin-tops-quarterly-revenue","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/garmin-tops-quarterly-revenue\/","title":{"rendered":"Garmin tops quarterly revenue estimates on growth in aviation, marine units"},"content":{"rendered":"<p>(Reuters) &#8211;     Smartwatch and navigation equipment maker Garmin Ltd topped first-quarter revenue estimates on Wednesday, boosted by strong growth in its businesses catering to the aviation and marine industries.<\/p>\n<p>Garmin&#8217;s diversified business is helping the company navigate a downturn in spending from recession-wary consumers, which pushed down sales at its outdoor unit &#8211; the biggest and home to its adventure watches &#8211; by 27%. <\/p>\n<p>&#8220;2023 is off to a good start with four of our five segments posting double-digit revenue growth, driven by new product introductions and solid demand trends,&#8221; CEO Cliff Pemble said.<\/p>\n<p>Garmin launched the Forerunner 265 and Forerunner 965, its first running watches with a bright AMOLED display, in the first quarter to take on Apple Inc&#8217;s Watch Ultra and Samsung Electronics&#8217; Galaxy Watch 5 Pro.<\/p>\n<p>The launch of the products helped its fitness business post an 11% rise in sales, while the aviation and marine units reported increases of 22% and 10%, respectively. <\/p>\n<p>Total revenue for the quarter ended April 1 was $1.15 billion, compared with analysts&#8217; estimates of $1.08 billion, according to Refinitiv. <\/p>\n<p>Adjusted profit of $1.02 per share, however, fell short of expectations of $1.06 as the company posted a 5% rise in total expenses. <\/p>\n<p>Garmin maintained its full-year revenue and adjusted profit forecast. <\/p>\n<p>Its shares were untraded before the bell. They have risen 5.3% so far in 2023, after declining by more than a third last year. <\/p>\n<p \/>\n<p> (Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Krishna Chandra Eluri)<\/p>\n<p><a href=\"https:\/\/lynettelockhart.com\/client\/garmin-tops-quarterly-revenue\/a-garmin-gps-watch-is-shown-on-a-display-at\/\"><img decoding=\"async\" src=\"https:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420GP-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ420GP-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; Smartwatch and navigation equipment maker Garmin Ltd topped first-quarter revenue estimates on Wednesday, boosted by strong growth in its businesses catering to the aviation and marine industries. Garmin&#8217;s diversified business is helping the company navigate a downturn in spending from recession-wary consumers, which pushed down sales at its outdoor unit &#8211; the biggest [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":32475,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-32474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420GP-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=32474"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32474\/revisions"}],"predecessor-version":[{"id":32476,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32474\/revisions\/32476"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/32475"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=32474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=32474"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=32474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}