Overview
- Garmin, which reported results Wednesday, posted record first-quarter revenue of $1.75 billion and adjusted EPS of $2.08, topping Wall Street forecasts.
- Operating income reached a record $432 million as gross margin rose to 59.4% and operating margin reached 24.6%.
- Fitness sales jumped 42% on demand for premium wearables, while aviation grew 18% and marine 11%, offsetting a 5% decline in outdoor.
- The company kept its 2026 outlook at about $7.9 billion in revenue and $9.35 in adjusted EPS.
- Shareholders stand to gain from a proposed $4.20 annual dividend pending June 5 approval, $40 million in first-quarter buybacks with $491 million left, and a $4.3 billion cash balance.