Skip to main content

Garmin releases fourth quarter earnings

Garmin Ltd. grew revenue 3 percent to $888 million in the fourth quarter, with outdoor, fitness, marine and aviation collectively growing 9 percent over the year prior.

Those segments contributed 78 percent of total revenue, the company announced.

“We expect marine to be a growth segment in 2018 as we focus on market share gains and new product innovations,” the company said in a statement.

Total revenue for the year was nearly 3.09 billion, growing 2 percent over fiscal year 2016, with outdoor, fitness, marine and aviation increasing by 9 percent and contributing 76 percent of total revenue.

The marine segment posted strong fourth-quarter revenue growth of 24 percent, which the company attributed to its updated lineup of chartplotters and fishfinders, as well as contributions from its recently-acquired Navionics product line.

Gross margin improved to 55 percent in marine.

During the fourth quarter, the company recorded a one-time accrual for a litigation settlement resulting in an operating loss in the marine segment of 13 percent. Navico and Garmin settled a three-year patent dispute earlier this month.

During the fourth quarter, the Garmin began shipping its new connected offerings in Echomap and Striker product lines, enabling connectivity through its new ActiveCaptain mobile app.

This was the second full year of sales and operating income growth driven by strong sales in our outdoor, aviation and marine segments, said Cliff Pemble, president and chief executive officer of Garmin Ltd.

“Entering 2018, we see additional growth opportunities ahead and we believe that we are well positioned to seize these opportunities with a strong lineup of products,” Pemble said.



Email Is Your Ticket to Holiday Sales

Developing an effective email campaign can bolster sales and help fill winter coffers at your dealership.


NMRA Presents Annual Awards

Edson CEO Will Keene and ComMar Sales president Tim Conroy were recognized for their contributions to the marine industry.


DEALERS: Are Interest Rates Impacting Demand?

This month’s Pulse Report survey asks dealers whether interest rate increases are causing a downturn in boat sales. Take the survey here.


EPropulsion, Mack Boring Partner with Crest

Pontoon builder Crest will use an ePropulsion Navy 3.0 Evo electric outboard motor and an E175 battery for its 2023 Current model.


Beneteau Reports Significant H122 Growth

The company reported that its revenue grew 8.6 percent and income increased by 30 percent during the first half of 2022.

1_WINTRON copy

Wintron Announces Virtual Show

The electronics distributor will hold its distributor show Nov. 2-9, allowing dealers to interact with sales representatives via phone, email or online chat.


Rays of Light

A key indicator of U.S. consumer confidence rose for the first time in four months in August as the economy added 315,000 jobs.


Yanmar Announces Sales, Marketing Hires

The company has hired Bas Eerden as global sales manager and Michele Durkin as global marketing manager.