Garmin Sees Q4, Full-Year Surge

Publish date:

Garmin reported strong fourth quarter results, with consolidated net sales of $1.35 billion, a 23 percent increase compared with the same period last year.

Robust growth in the marine, outdoor and fitness segments were chiefly responsible for the sales surge, the company said.

2_Garmin expansion_front

For the year ended Dec. 31, Garmin had its fifth consecutive year of revenue and operating income growth, reporting record consolidated revenue of $4.19 billion, an 11 percent increase from 2019.

“In a year filled with unimaginable challenges, Garmin delivered record revenue and profits,” president and CEO Cliff Pemble said in a statement. “Strong demand for active lifestyle products fueled our growth, and we expect these trends to continue into 2021.”

3_Garmin_+helm + quatix

Led by plotter sales, Garmin Marine revenue grew 48 percent in the quarter, the segment’s highest revenue in a quarter to date.

For the year, sales totaled $657 million, a 29 percent jump from 2019, the seventh year of double-digit growth for Garmin Marine.

4_Garmin Fantom 254-256

“Garmin’s marine business segment continues to benefit from the renewed interest in outdoor recreational activities, especially boating and fishing,” said Dave Dunn, director of marine sales. “Our industry continues to experience tremendous growth, with more and more people finding or rediscovering their love of the water, and we’re pleased to offer electronics that enhance so many on-the-water experiences.”


NMMA Confirms Industry Growth

NMMA president Frank Hugelmeyer said the boating business grew 12 percent last year during yesterday’s virtual State of the Boating Industry address.

Newport Show Dates Announced

Organizers are planning for an in-person Golden Anniversary edition of the show Sept. 16-19.

Quick Hits: March 5, 2021

The National Association of Manufacturers names Brunswick Corp. CFO Ryan Gwillim to its Board of Directors.

Caught Red-Handed

Two commercial fishermen were jailed for possessing an illegal haul that included 100 undersized lobster tails, which is a felony. Also, fisheries management gets new funding.

Bennington Expands Operations

The pontoon builder plans to add jobs at its new facility in Elkhart County, Ind., and increase manufacturing output.

KVH Industries Names CFO

Longtime telecom financial executive Roger A. Kuebel assumes the position that COO Brent Bruun had held in an interim capacity.