Garmin tops quarterly revenue estimates on growth in aviation, marine units

Smartwatch and navigation equipment maker Garmin Ltd topped first-quarter revenue estimates on Wednesday, boosted by strong growth in its businesses catering to the aviation and marine industries.

Garmin’s diversified business is helping the company navigate a downturn in spending from recession-wary consumers, which pushed down sales at its outdoor unit – the biggest and home to its adventure watches – by 27%.