Skip to main content

With marine showing strong gains, Garmin reports 8 per cent increase in Q2 sales


Garmin today reported second-quarter sales of $894 million, up 8 percent over the same quarter a year ago. The electronics manufacturer reported net income of $190.3 million, compared to $179.9 million a year ago.

Garmin said in a statement that sales in its marine business rose 24 percent, compared to the year-ago quarter, to $134.5 million. Its fitness and aviation businesses reported 24 and 23 percent gains, respectively. Second-quarter revenues in its auto business fell 19 percent for the quarter.

Garmin CEO Cliff Pemble said the 24 percent marine sales increase was driven by “organic growth across multiple product categories and our Navionics acquisition.” Gross margin increased year over year to 59 percent. Operating margins declined to 21 percent, and operating income grew by 14 percent.

“During the second quarter of 2018, we introduced the award-winning Panoptix LiveScope, a live scanning sonar that allows anglers a real-time, clear image in front of, below and around their boat,” Pemble said. “We were also selected as the exclusive marine electronics supplier to Sportsman Boats beginning in model year 2019.” He added that the company is focusing on market-share gains in the inland fishing category.

Pemble said the revenue gains of the first half of the year gave it “confidence” to raise its full-year guidance. It expects full-year revenue of about $3.3 billion, based on higher expectations of its fitness and aviation divisions, partially offset by “slightly lower” expectations for marine. 


Insider Access

My hope is to include at least one insider story in every issue of Soundings Trade Only to provide a look at corners of the trade that some folks might not know exist.


Finding the Next Buyers

Discover Boating commissioned a research study to fine-tune targeting efforts in marketing.


How to Create a Great Workplace

With insights gleaned from more than 16,000 individual industry employee satisfaction surveys, the Marine Retailers Association of the Americas has gained new understanding and answers of how to drive employee engagement.


Q&A with David Foulkes and Alexandra Cattelan

After divesting its well-known bowling, billiards and fitness brands, Brunswick Corp. emerged as a boating-focused conglomerate, with familiar brands including Sea Ray, Boston Whaler, Bayliner, Protector, Lowe Boats, Mercury Marine, and Freedom Boat Club.


Two Secrets to Getting Results

Any leader can give reasons for failing to achieve acceptable results. The best leaders overcome inevitable challenges, and some of those leaders make it look easy. Some seem to drive results effortlessly, while others struggle.


Industry Pushes Back Against Speed Restrictions

A NOAA Fisheries proposal would restrict boats 35 feet and larger to a 10-knot speed limit along the East Coast to protect right whales from vessel strikes.


Magonis Opens Connecticut Office

The Spain-based, electric-boat builder offers an 18-footer that’s available with motors from Torqeedo and Mag Power.


Bill Seeks to Increase Youth Fishing

The bipartisan Coastal Fishing Program Act of 2022 would ease barriers to accessing the outdoors in underserved communities.