The company reported first-quarter earnings of 73 cents per share on revenue of $766.1 million. Analysts polled by FactSet were expecting the company to report earnings of 71 cents per share on revenue of $731 million.
"Revenue and profit grew, led by strong double-digit growth in marine, aviation, fitness, and outdoor on a combined basis," said Cliff Pemble, president and chief executive officer of Garmin. "We are optimistic as we enter the important mid-year selling season. Our product portfolio is very strong, bolstered by recent introductions, with more to come throughout the remainder of the year."
However, the company's full-year earnings guidance of $3.70 per share on revenue of $3.5 billion fell short of Wall Street expectations that called for earnings of $3.75 per share on revenue of $3.53 billion.
Shares declined 7.1% to $79.62.