In spite of beating estimates, Garmin (GRMN -3.5%) is seeing a post-Q1 drop: shares are now down...

|About: Garmin Ltd. (GRMN)|By:, SA News Editor

In spite of beating estimates, Garmin (GRMN -3.5%) is seeing a post-Q1 drop: shares are now down 16% YTD. No guidance was provided - as with prior years, Garmin will provide it following its Q2 report. Gross margin was 52%, up from Q4's 49% and Q1 2012's 51%. But op. margin fell to 15% as opex rose slightly Y/Y in spite of a 4% rev. drop. Automotive/mobile sales (45% of total) -10% Y/Y as smartphone continue taking a toll, but that's better than Q4's -25%. Outdoor -1% (-2% prior), Fitness +2% (+10% prior), Marine -10% (-9% prior), Aviation +10% (-2% prior). No buybacks took place. (PR)