Skip to main content

Garmin has record second quarter

GarminNumbers

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.

Related

Norm

The Value of Boat Shows

The recent Orlando, Fla., show, with a 27.4 percent increase in attendance, confirms that these events remain one of the best ways to reach the buying public face-to-face.

1_PALMBEACHIMPACT

Palm Beach Show Worth $1B for Fla. Economy

Organizers said exhibitor sales exceeded $700 million for the four-day show in March.

1_TWINVEE.EARNS

Twin Vee Posts Higher Sales, Completes Forza X1 IPO

The company said production is increasing, and its gas-powered division was profitable in the second quarter.

1_METSTRADE

Metstrade Visitor Registration Opens

The Nov. 15-17 show at RAI Convention Center in Amsterdam has already booked 1,400 exhibitors.

1_AKZO.STEWART

AkzoNobel Names Marketing Manager

Jessica Stewart is an experienced marketing, brand and product manager and has held several global roles.

1_IBEX.DEADLINE

IBEX Innovation Awards Deadline Looms

Entries must be in by tomorrow for the program, which will announce winners Sept. 27 in Tampa, Fla.

1_ONEWATER.ROY

OneWater Appoints Board Member

Steve Roy will raise the company’s board count to 11 and brings independent financial expertise to the board.