Garmin raises full year forecast following Q2 performance
Garmin, the multi-national specialist in GPS technology, has raised its full-year forecast on the back of better-than-expected figures for the second quarter.
Highlights for the quarter ended June 30 included an 8% year-on-year revenue growth to $894 million and an increase in operating income of 4% to $218 million.
Based on its first half performance, Garmin now anticipates revenue of approximately $3.3 billion, driven primarily by higher expectations in its fitness and aviation businesses and partially offset by lower expectations in the marine segment.
The first half performance for 2018 included strong growth in the company’s marine division, where revenue and operating income improved by 24% and 14% respectively, partly driven by the acquisition of Navionics.
The second quarter saw the launch of the double ICAST award-winning Panoptix LiveScope, a live-scanning sonar that provides anglers with a real-time image in front, below and around their boats.
Garmin will also become the exclusive marine electronics supplier to Sportsman Boats in 2019.