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.
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.”
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.
“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.”