Sam Boughedda

Garmin (NYSE? ) – Investing.com stock 0.7% after reporting its first-quarter results on Wednesday, which included record revenue for the company.

Record revenue for the technology company was $1.17billion. This is a 9.9% increase on the previous quarter, and beats estimates of $1.14billion. The revenue included three business segments that saw double-digit growth.

Estimates at $1.11 were accurate. Earnings per Share were within the range of estimates. 

Company warned that component supply problems and high freight costs are still a problem. New challenges, like the strengthening U.S. Dollar and uncertainty created by Russia’s invasion of Ukraine are also emerging.

Cliff Pemble is president and CEO at Garmin. “We achieved another quarter of record growth in an increasingly challenging and complex business environment,” he stated. 

Garmin’s guidance for fiscal 2022 was maintained, with revenue of $5.5 billion expected and pro forma earnings/share at $5.90.