Record turnover for Garmin in Q1
GPS is alive despite the smartphone era
Garmin Navigation equipment company closed the first quarter of the year with a record turnover of 766 million dollars. That is the best start of the year for Garmin ever. The 8 percent higher turnover on an annual basis was also reflected in the profit figure.
The industry peer of TomTom, which is listed in Amsterdam, did particularly well with its aviation and shipping activities. The fitness and outdoor divisions also brought in more money. The car branch of the American company continued to shrink sharply.
Below the line, a quarterly profit of 140 million dollars remained for Garmin. That is almost 11 million dollars more compared to the first three months of 2018. The company expects to continue its upward trend in the coming period. Garmin believes that it will benefit from bringing new products to market.