Garmin reported revenue of $934 million in the third quarter, an increase of 15 percent compared with the the same period in 2018, with aviation, fitness, outdoor and marine collectively growing 24 percent.
“We delivered another quarter of strong growth thanks to our lineup of great products in every market segment,” CEO Cliff Pemble said in a statement. “We are well positioned for the remainder of 2019 and are raising our revenue and EPS guidance to reflect our strong performance.”
Revenue from the marine segment increased 9 percent in the quarter, with growth across multiple product categories led by solid performance in chart plotters. Gross and operating margins improved to 60 percent and 19 percent, respectively, resulting in strong operating income growth, the company said.
“During the quarter, we were named the exclusive marine electronics provider by both Regulator Marine and Sea Hunt, solidifying our leadership in the premier center console market,” the company said, adding that Garmin was named Manufacturer of the Year by the National Marine Electronics Association for the fifth consecutive year.
As a result of the strong quarter, Garmin updated its 2019 guidance and now anticipates revenue of approximately $3.65 billion, driven by higher expectations for the aviation, fitness and outdoor segments. The outlook for the marine and auto segments were unchanged.
Click here for a Q&A with Pemble that ran in the October issue of Soundings Trade Only.