Chartplotters and sonars drive Garmin’s 22% marine growth
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Garmin has reported a 22% year-on-year revenue increase from its marine segment for the first financial quarter, with growth driven by its chartplotters and sonars.
Gross and operating margins grew 58% and 25% respectively, while operating income increased by 58%.
Highlights for the quarter, which ended March 28, included Garmin-sponsored anglers taking the top three places at the Bassmaster Classic in March, assisted by the company’s Panoptix Livescope, which won Best in Show at the 2018 ICAST trade show.
The GPS navigation technology company also operates in the fitness, outdoor and aviation markets and collectively reported total revenues of $856m for the quarter, a 17% increase over the prior year quarter. Total operating income of $177m is also a 17% year-on-year improvement.
Garmin announced that it is withdrawing 2020 fiscal guidance due to the economic uncertainty caused by the COVID-19 pandemic.