Garmin Ltd. GRMN reported better-than-expected results in first-quarter 2019, with earnings and revenues surpassing the Zacks Consensus Estimate.Quarterly earnings of 73 cents per share beat the consensus mark of 71 cents. The figure was down 28.4% sequentially but up 7.4% year over year.Management focuses on continued innovation, diversification and market expansion to explore growth opportunities in all its business segments. However, macroeconomic challenges remain part of the operating environment.Let’s delve deeper into the numbers.RevenuesGarmin’s first-quarter revenues of $766.1 million, which beat the Zacks Consensus Estimate of $721.9 million, decreased 17.8% sequentially but increased 7.8% from the prior-year level. The year-over-year increase was backed by higher demand across fitness, outdoor, marine and aviation segments.Segmental RevenuesGarmin’s Outdoor, Fitness, Marine, Auto/Mobile and Aviation segments generated respective quarterly revenues of 20%, 24%, 17%, 17% and 22%. Seasonality resulted in considerable variations in the company’s quarterly revenues.Outdoor revenues were down 39.5% sequentially but up 6.8% year over year. The year-over-year increase was mainly driven by robust demand from multiple product categories.The Fitness segment’s revenues decreased 34.9% sequentially but increased 8.6% from the year-ago quarter, driven by strength in wearables.Revenues from the Marine segment increased 41.5% sequentially and 18% year over year. The year-over-year growth was driven by strength in new products, namely chartplotters and Panoptix LiveScope sonars.The Auto/Mobile segment’s revenues were down 13.9% sequentially and 10.1% on a year-over-year basis. The decrease was mainly due to shrinking of the personal navigation device (PND) market.The Aviation segment’s revenues were up 7.9% sequentially and 17.2% from the prior-year quarter. The increase was mainly driven by aftermarket systems and OEM categories.Revenues by GeographyWhile America generated 50% (down 14.4% sequentially but up 9.7% year over year) of its total revenues, EMEA and APAC contributed 34% (down 24.2% on a sequential basis but up 5.7% on a year-over-year basis) and 17% (down 13.2% sequentially but up 6.4% from the year-ago quarter), respectively.Operating ResultsGross margin was 59%, down 100 basis points from the year-ago quarter.Operating expenses of $300.3 million were up 5.6% from $284.3 million in the year-ago quarter.GAAP net income was $140.2 million compared with $129.4 million a year ago.Balance SheetInventories were $598.4 million compared with $561.8 million in the fourth quarter. Cash and marketable securities were approximately $1.31 billion compared with $1.38 billion in the fourth quarter. The company had no long-term debt during the quarter.At the end of the first quarter, the company generated cash flow of $164.6 million from operating activities. Free cash flow totaled $134.5 million.2019 Guidance ReiteratedFor full-year 2019, management has maintained revenue and pro-forma earnings expectation at $3.5 billion and $3.70 per share, respectively.The Zacks Consensus Estimate for 2019 revenues and earnings is pegged at $3.52 billion and $3.72 per share, respectively.Garmin Ltd. Price, Consensus and EPS Surprise Garmin Ltd. Price, Consensus and EPS Surprise | Garmin Ltd. QuoteZacks Rank and Stocks to Consider Currently, Garmin carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include Facebook, Inc. FB, Shopify Inc. SHOP and Square SQ, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Long-term earnings growth for Facebook, Shopify and Square is currently projected at 18.2%, 23.7% and 25%, respectively.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.See 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Facebook, Inc. (FB): Free Stock Analysis Report Shopify Inc. (SHOP): Free Stock Analysis Report Square, Inc. (SQ): Free Stock Analysis Report Garmin Ltd. (GRMN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research