Garmin reported consolidated net sales of $1.19 billion for its third fiscal quarter, a 7 percent increase compared with the same period last year.
Gross margin and operating margin were 58 percent and 24 percent, respectively. Operating income dipped 11 percent to $283 million.
The company’s marine segment posted a 25 percent increase in net sales to $207.5 million, up from $165.4 million a year prior. Demand for plotters was the primary driver of the gains.
During the quarter, Garmin also collaborated with Malibu Boats to provide electronics for its 2022 Axis Wake Research towboats.
“I am very pleased with our performance in the quarter, as we are now comparing against the robust pandemic- driven growth from the prior year,” president and CEO Cliff Pemble said in a statement. “Strong demand for active lifestyle products continued, and our marine and aviation segments recorded impressive double-digit growth.”
The company modified its revenue guidance for fiscal year 2022, anticipating revenues of approximately $4.95 billion, with growth projected in all segments.
Garmin this year was a recipient of Soundings Trade Only’s Top 10 Most Innovative Marine Companies Awards.