Garmin was a rare bright spot in public-company earnings during its first quarter despite an economy challenged by COVID-19.
The Olathe-based GPS-device maker saw earnings per share rise 25 percent quarter over quarter, while revenues were up 17 percent year over year, hitting $856 million.
However, despite the strong earnings, Garmin is pulling its earnings guidance for the remainder of the year.
“The economic uncertainty and impact on consumer behavior caused by the COVID-19 pandemic affects every business, and we are no exception,” said Cliff Pemble, president and chief executive officer. “Accordingly, we are withdrawing our fiscal 2020 guidance. However, we are optimistic for the long term because the markets we serve and the products we offer are well positioned to thrive in the future.”
Fitness products saw the biggest sales spike, rising 24 percent, followed by marine products, up 22 percent. The only product category that experienced a revenue slide was auto, which fell 17 percent.