Garmin Ltd. announced its financial results for the first quarter ended March 31, 2018. Total revenue for Q1 2018 was $710.8 million, an increase of 11%, compared to $641.5 million in Q1 2107. Net income for Q1 2018 was $129.3 million, a decrease of 45.7%, compared to $238.4 million in Q1 2017.
In the first quarter of 2018, Garmin has seen significant growth in most of its business segments compared to the Q1 2017. The outdoor segment grew 24% due to strong demand of wearables and sales grew to $144.2 million from $115.8 million in Q1 2017. Fitness segment recorded the sales of $166.0 million compared to $137.8 million in Q1 2017, up 20%, primarily driven by strong demand for advanced wearables. Sales increased by 19% in the aviation segment from $122.8 million to $145.7 million due to delivering the G500/600 TXi flight decks including the G500H TXi helicopter variant whereas the marine segment saw 9% growth driven by the recent Navionics acquisition and sales increased from $104.4 million to $113.5 million on year over year basis.
In Q1 2018, the only segment that saw decline in sales was the auto business unit and sales decreased from $160.4 million to $141.3 million, 12% down, compared to Q1 2017. This decline in sales was primarily driven by ongoing PND market contraction
The company said that it is maintaining its 2018 guidance for revenue of approximately $3.2 billion.
