Garmin’s Q1 net income down 45.8% y/y to USD129.4 million

Reconfirms full-year financial guidance of USD3.2 billion in 2018

Garmin has reported 45.8% year-over-year (y/y) decline in net income to USD129.4 million for the first quarter ended 31 March 2018, the company said in a press release last week. The company’s net income of USD238.4 million in the first quarter of 2017 included income tax benefit of USD150 million. In the first quarter 2018, Garmin reported income before income tax of USD154 million, up 74.2% y/y, and operating income of USD142.2 million, up 21.5% y/y.