Garmin today reported fourth-quarter sales of $1.01 billion, up 18 percent over the same period a year ago. The company’s net income for the quarter was $360.8 million compared to $190.1 million a year ago.
Sales in its marine category rose 22 percent for the fourth quarter to $115.8 million. The company said in a statement that gains in chart plotters, sonars and Force trolling motors prompted the sales increases. Its operating income was up 154 percent over the same quarter a year ago.
Garmin reported record sales of $3.76 billion for 2019, up 12 percent compared to the same period a year ago. Net income for the year was $360.8 million compared to $190.1 million a year ago. Its marine business reported a 15 percent gain in sales to $508.8 million for the year.
The company forecasts marine sales will be up by about 10 percent in 2020. It expects total sales to be about $4.0 billion, with gains in marine, fitness and outdoor segments.