Marine sector helps drive profit growth for Garmin
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Sales in Garmin’s marine segment grew by 18% as the navigation technology company reported first quarter revenue and profit growth compared to the same period last year.
The company, whose Panoptix LiveScope won both the Best Marine Electronics and overall Best of Show categories at last year’s ICAST, recorded first quarter revenues of $766m across all divisions, an 8% increase.
Other highlights for the quarter included:
- Gross margin of 59% compared to 60% in the prior year quarter;
- Operating margin of 19.8% compared to 20%;
- Operating income of $151m, an increase of 6%.
Revenue in the marine segment was driven by strong demand for Garmin’s chartplotters and Panoptix LiveScope Sonars. During the quarter Garmin was named 2018 Supplier of the Year by the Independent Boat Builders Inc..
“Revenue and profit growth was led by strong, double-digit increases in marine, aviation, fitness and outdoor on a combined basis,” said Cliff Pemble, President and CEO of Garmin. “We are optimistic as we enter the important mid-year selling season.
“Our product portfolio is very strong, bolstered by recent introductions, with more to come throughout the year.”
The company was also named supplier of the year by OEM customers and industry groups in both the aviation and marine sectors, and was recently recognised by Forbes in the top five of America’s Best Employers for 2019.