1 Number You Missed From Garmin's Blowout Earnings
Garmin (NASDAQ: GRMN) was once known for its automotive GPS devices, but that segment of the market was taken over by smartphone apps and built-in navigation systems. So the company pivoted to become a successful and growing supplier of GPS-enabled devices aimed at outdoor enthusiasts, including boaters, runners, golfers, hunters, and pilots.
The company's fitness, outdoor, marine, and aviation segments have led the company's growth and made up almost 90% of 2020 net sales. Total company revenue is about 45% higher than five years ago when those four segments contributed only about 70% of the top line. The decline in the auto segment was more than made up by the other growth areas. But in the first quarter of 2021, the auto segment showed a surprising 18% sales increase year over year. It's worth digging into how this might change the outlook for Garmin going forward.
Garmin's new Tread Powersport Navigator for off-road use. Image source: Garmin.
Source Fool.com
