Garmin, the Swiss navigation device maker, surpassed Wall Street estimates for its first-quarter results, showcasing a stellar performance driven by new product launches and robust demand across its fitness and auto segments. The company’s shares surged by 9.6% following the announcement.

Specialising in GPS devices and technology for various sectors including fitness tracking, sports, aviation, and marine industries, Garmin attributed its revenue growth to a series of upgrades and innovative launches. Among the notable releases in the first quarter was the Forerunner 165 series, the latest addition to Garmin’s wearable lineup of GPS running smartwatches, featuring personalised adaptive training plans tailored to users’ needs.

In addition to enhancing its wearable offerings, Garmin intensified its efforts to bolster its Outdoor segment with the introduction of groundbreaking products. This includes the eTrex Solar, Garmin’s maiden solar-charging handheld GPS device, and the Descent G1 Solar Ocean Edition, a smartwatch crafted from recycled ocean plastics, demonstrating the company’s commitment to sustainability.

The impressive financial performance for the first quarter saw Garmin’s revenue surge by 20% to $1.38 billion, outstripping analysts’ average estimate of $1.25 billion, as reported by LSEG data. Notably, revenue from its auto original equipment manufacturers segment witnessed a remarkable 58% increase, reaching $129 million, fuelled by an expansion in its customer base and higher shipments to partners like BMW (BMWG.DE).

Meanwhile, the fitness segment, which offers a range of wearables including smartwatches, experienced a robust 40% revenue growth, totalling $342.9 million for the quarter. Garmin’s adjusted profit of $1.42 per share comfortably exceeded expectations of $1.01, according to LSEG data, further underlining the company’s strong financial performance.

With a promising start to the year, Garmin continues to solidify its position as a leading provider of navigation and wearable technology, leveraging innovation and consumer demand to drive growth across its diverse product portfolio.