Garmin yesterday announced the financial results for the first quarter of 2025.
The company reported record consolidated revenue of $1.54 billion across all five of its segments, an 11% increase from the year-ago quarter. Gross margin decreased from 58.1% to 57.6% from the prior-year quarter. Operating margin grew .1% to 21.7% from the previous-year quarter, and the company posted record operating income of $333 million, a 12% increase from the year-ago quarter.
Marine segment net sales were down 2%, from $326.74 billion to $319.44 million. Gross and operating margins were 58% and 27%, respectively, resulting in $87 million of operating income.
Standout segments in terms of net sales included Outdoor products, which grew 20% from $366.2 million to $438.5 million in the quarter, as well as the Fitness category, which expanded 12% to 385 million during the quarter.
“We delivered another quarter of outstanding financial results which we attribute to our strong lineup of highly differentiated products that customers desire,” Garmin CEO Cliff Pemble said in a statement. “While recent developments in global trade have created an atmosphere of uncertainty for many companies, we remain optimistic because of the resilience and flexibility our vertically integrated and highly diversified business model offers. We are very pleased with our results so far, and we look forward to the opportunities ahead as the year continues to unfold.”
The company provided the following financial guidance for 2025: “Based upon our first quarter results and our assessment of the current global trade environment, we are updating our full year 2025 expectations for revenue to approximately $6.85 billion and maintaining our pro forma EPS of $7.80 based on gross margin of 58.5%, operating margin of 24.8% and a full year tax rate of 16.5%.”
