Garmin had record revenue of $955 million in the second quarter, a 7 percent increase over last year, with aviation, marine, fitness and outdoor collectively increasing 12 percent over the prior year quarter.
Revenue from the marine segment grew 13 percent in the quarter, driven by strong demand for chartplotters and Panoptix LiveScope sonars.
Gross and operating margins improved to 61 percent and 28 percent in marine, respectively, resulting in strong operating income growth.
Fusion, a Garmin brand, was selected by Independent Boat Builders, Inc. to supply audio entertainment to its 19-member network. The company recently announced its entry into the freshwater trolling motor market with Force, which won Best of Show at the recent ICAST.
“We achieved record second quarter revenue and profits with three of our five segments delivering strong double-digit revenue growth rates,” said Cliff Pemble, president and chief executive officer of Garmin Ltd, in a statement. “We are very pleased with the results we have delivered thus far, giving us the confidence to raise our full year 2019 revenue and EPS guidance.”
The company updated its full-year guidance, now anticipating revenue of approximately $3.6 billion driven by higher expectations for the aviation, marine and auto segments.