Garmin marine sales up 18 percent

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Garmin today reported sales of $766 million for its first quarter, up 8 percent compared to the same period a year ago. Its net income was $140.1 million compared to $129.4 million a year ago.

Sales in the Marine division rose 18 percent to $133.9 million for the quarter. The company said in a statement that marine sales were lifted by strong demand for chartplotters and Panoptix LiveScope sonars. Gross and operating margins were 58 percent and 19 percent, respectively, for the marine business.

Its aviation, fitness and outdoor businesses also reported higher sales for the quarter.

“Revenue and profit grew, led by strong double-digit growth in marine, aviation, fitness, and outdoor on a combined basis,” said Cliff Pemble, president and CEO of Garmin in the statement. “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 remainder of the year.”

The company is maintaining its 2019 guidance for consolidated revenue of about $3.5 billion and pro forma EPS of $3.70.

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