Garmin reported total revenue of more than $1.1 billion in the third quarter, a 19 percent increase, led by robust growth in marine, fitness and outdoor segments.
Gross margin and operating margin were 60.2 percent and 28.6 percent, respectively. and operating income of $317 million reflected a 21 percent increase over the prior year.
“Demand for active lifestyle products fueled strong revenue growth resulting in record revenue and profits for the quarter,” said Garmin president and CEO Cliff Pemble in a statement. “Interest in our products remains high as we move into the important holiday selling season, and we are prepared with a strong lineup of products that offer the innovation and uniqueness that consumers want.”
Revenue from the marine segment grew 54 percent in the third quarter across multiple categories, led by chartplotters.
Gross margin and operating margin were 61 percent and 31 percent, respectively, resulting in 152 percent operating income growth.
For the sixth consecutive year, Garmin was recognized as the Manufacturer of the Year by the National Marine Electronics Association, and the company launched its new OnDeck system, a remote connectivity solution for boaters to track, monitor, and remotely control switches on their vessel.