A Strong Q2 for Garmin

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1_Garmin

It was another consecutive strong quarter for Garmin, which reported consolidated net sales of $1.33 billion, a 53 percent increase compared with the same period last year.

Gross margin and operating margin were 58.8 percent and 28 percent, respectively, with operating income jumping 97 percent to $371 million when compared to the same period last year.

Double-digit growth in the automotive, fitness, marine and outdoor segments were chiefly responsible for the results, the company said in a statement.

In April, Mercury Marine announced it is broadening access to VesselView functionality with the launch of SmartCraft Connect, which provides information about SmartCraft-compatible engines through Garmin chartplotters.

In April, Mercury Marine announced it is broadening access to VesselView functionality with the launch of SmartCraft Connect, which provides information about SmartCraft-compatible engines through Garmin chartplotters.

The marine segment posted net sales of $262 million, a 66 percent gain from 2020, driven by demand for chartplotters. For the six-month period that ended in late June, marine net sales were up 47 percent to $471 million.

The company also upped its annual revenue guidance, with the anticipation that revenue would exceed last year by approximately 17 percent to about $4.9 billion.

3_Garmin

“Strong demand for active lifestyle products continued, and we experienced solid recovery within our aviation and auto segments resulting in record revenue and profits in the second quarter,” said president and CEO Cliff Pemble. “We are very pleased with the results we have delivered thus far, giving us confidence to raise our full year 2021 revenue and EPS guidance.”

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