Garmin Reports Robust Q1

Publish date:

Garmin reported a strong first quarter with consolidated net sales of $1.07 billion, a 25 percent increase compared with the same period last year.

Double-digit growth in the automotive, fitness, marine and outdoor segments were chiefly responsible for the results, the company said.


Gross margin and operating margin were 59.8 percent and 23.3 percent, respectively, and operating income of $250 million reflected a 41 percent jump compared with the prior year.

Led by demand for plotters and Panoptix LiveScope sonar, the marine segment posted sales of $209.4 million, a 28 percent increase in revenue.


“Broad momentum across our business segments resulted in strong double-digit revenue and profit growth,” president and CEO Cliff Pemble said in a statement. “Interest in fitness, health, and active lifestyle products has never been higher, and we believe that we are well-positioned to capitalize on the opportunities ahead.”

Earlier this month, Garmin and Mercury Marine announced expanded access to VesselView functionality with the launch of SmartCraft Connect, which provides engine information on Garmin MFDs.


ABYC to Publish Largest-Ever Standards Manual

The nonprofit is offering pre-orders until June 18 of its updated standards manual, with a publication date of July 31.

Furuno, Simrad Add SiriusXM Fish Mapping Suite

The subscription-based service offers offshore anglers a suite of technology with which to locate and catch more fish.

Mercury Racing Awards Scholarships

The engine manufacturer looks to grow the next generation of skilled workers with its annual scholarship program.

Vision Marine, Hellkats to Attempt E-Boat Speed Record

A Hellkats 32-foot Widebody equipped with Vision Marine’s E-Motion powertrain will try to be the fastest electric boat in its category.

Grand Banks Operations Remain Halted

The announcement follows the Malay government order extending movement restrictions to curb the spread of Covid-19.

OneWater Marine to Acquire N.J.'s Stone Harbor Marina

The acquisition further expands OneWater’s reach in the Northeast.

Rounding the Last Bend?

As all segments of the economy race to surpass prepandemic levels, a bit of wheelspin is expected to occur, but not for long.