Garmin reported consolidated revenues of $1.38 billion in the first quarter, a 20% increase year-over-year. The electronics manufacturer achieved record first-quarter revenue in four segments.
Gross margin and operating margins expanded to 58.1% and 21.6%, respectively, compared with the prior-year quarter. Operating income of $298 million was a 51% increase versus 2023.
Total operating expenses in the quarter were $504 million, an 11% increase year-over-year. Research-and-development costs were up 10% due to engineering personnel payroll. Selling, general and administrative expenses increased 11% driven by personnel related costs.
“We delivered outstanding performance in the first quarter, with double-digit percentage in revenue and operating income,” president and CEO Cliff Pemble said in a statement. “We attribute these noteworthy results to our strong product portfolio and the robust demand trends that we have been experiencing.”
The segment had sales of $3.27 million in the first quarter, a 17% increase year-over-year. The company was also named 2024 Supplier of the Year by Independent Boat Builders Inc. Garmin said the acquisition of JL Audio was a major contributor to the increase in marine revenue.
Gross and operating margins for the segment were 55% and 27%, respectively, resulting in $88 million of operating income. Garmin launched GPSMap 16×3 plotters in the quarter, adding larger touchscreen options. The company also introduced the Panoptix PS70, its first deep-water, live sonar.
