Skip to main content

Garmin marine segment up 28 percent for Q3

Garmin reported total revenue of $810 million in the third quarter, up 8 percent over the prior year. The marine, aviation, fitness and outdoor segments collectively grew 16 percent over the prior year quarter, accounting for 80 percent of total revenue.

“During the third quarter, we continued our strong performance, achieving double-digit revenue growth in four of our five segments and double-digit growth of consolidated operating income,” Garmin president and CEO Cliff Pemble said in a statement. “We are well-positioned for the remainder of 2018, with a solid lineup of products, and are raising our EPS guidance to reflect our strong performance.”

The marine segment posted a robust revenue increase of 28 percent, driven by organic growth across multiple product categories and recent acquisitions. Gross and operating margins in the marine segment were 59 percent and 14 percent, respectively.

The National Marine Electronics Association for the fourth consecutive year recognized Garmin as Manufacturer of the Year, claiming six awards, including the NMEA Technology Award.

Garmin will focus on gaining market share in the inland fishing category moving forward.

Gross margins across the company were 59.4 percent, versus 58.2 percent in the third quarter of 2017.

“We have increased our 2018 guidance to reflect the strong third quarter performance,” said the company. “We anticipate our fourth quarter revenue to be relatively flat year-over-year with total full-year revenue of approximately $3.3 billion and a gross margin of 58.5 percent. We are raising our full-year operating margin to approximately 22 percent and lowering our full year pro forma effective tax rate to about 16 percent resulting in a pro forma EPS of approximately $3.45.”

Related

1_MARINEMAX

MarineMax Closes IGY Marinas Acquisition

The deal adds 23 megayacht marinas, the Trident superyacht membership and management platform and Fraser Yachts and Northrop & Johnson to the company’s portfolio.

1_CGFOUNDATION_IAN_PHOTO

Coast Guard Foundation Activates Emergency Relief Program

The nonprofit is providing support to Coast Guard members and families impacted by Hurricane Ian.

1_TORQEEDO

Torqeedo Announces New Leadership

Fabian Bez assumes the CEO role while Heiko Veitmeier comes on board as CFO.

1_ABA

ABA Celebrates 30 Years

The America Boatbuilders Association was founded in 1992 with the objective of collectively buying engines, raw materials and manufactured products at better prices.

1_YEARGIN

Who, Not How

Sometimes, to solve a tough problem, you need to get a different person in the room.

1_WHALESACTION

NMMA: Proposed Speed Rule an ‘Existential Threat’ to Industry

The association is calling on every marine brand, employee and boat owner to file public comment by Oct. 31 over a sweeping regulation to protect North Atlantic right whales.

1_AXOPAR

Axopar and Nimbus Renew Agreement

The boatbuilders have entered an agreement whereby Nimbus Group will retain exclusive rights to sell Axopar boats on the Swedish market.

1_IAN

Hurricane Ian Leaves Devastation in Florida

The storm left a wide swath of destruction, heavily impacting marine interests from Tampa Bay to Marco Island.