Garmin Ltd. (GRMN – Free Report) reported better-than-expected results in the fourth quarter of 2017 with revenues and earnings surpassing the Zacks Consensus Estimate.

Earnings of 79 cents per share outpaced the consensus mark by 4 cents. Also, the bottom line was up 6% sequentially and 9% year over year.

The results were driven by solid performance in fitness, marine, outdoor and aviation segments. Auto revenues declined year over year.

During the quarter, the company plans to approve cash dividend of $2.12 per share, which will be payable in four equal installments on dates to be determined by the board.

Management focuses on continued innovation, diversification and market expansion to explore growth opportunities in all business segments. However, macroeconomic challenges remain part of the operating environment. We observe that shares of Garmin have gained 28.6% in the past 12 months, outperforming the industry’s 21.2% rally.

Let’s check out the numbers.

Revenues

Garmin’s fourth-quarter revenues of $888 million beat the Zacks Consensus Estimate by $15 million and were up 19.6% sequentially and 3.2% from the prior-year quarter. The year-over-year increase was backed by higher demand across fitness outdoor, marine and aviation segments.

Segmental Revenues

Garmin’s Outdoor, Fitness, Marine, Auto/Mobile and Aviation segments generated 23%, 31%, 9%, 22% and 15% of quarterly revenues, respectively. Seasonality results in considerable variations in Garmin’s quarterly revenues.

Outdoor revenues were up 9.9% sequentially and 15.9% year over year, driven mainly by robust demand for wearables and growth of inReach subscription services.

The Fitness segment increased 65.2% sequentially and 0.8% from the year-ago quarter. The year-over-year increase was driven by GPS enabled products, partially offset by declines in basic activity trackers.

The Marine segment increased 8.3% sequentially and 24.1% year over year. The year-over-year improvement was driven by strength in chart plotter and fish finder products.  Also, Navionics acquisition added to growth.