Navico reports 4Q, year-end results

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Privately held marine electronics manufacturer Navico has announced its operational performance results for its fourth quarter and all of 2012.

The Norway-based company, which sells under the brands Lowrance, Simrad and B&G, said revenue for the quarter that ended Dec. 31 increased by 27 percent from the same period in 2011.

Overall, revenue for the year was up 15 percent, to $256 million, resulting in a 4 percent overall global market share increase, the company announced.

Revenue increased in all geographic markets, but was strongest in the United States.

Navico said its gross margin increased by 5.5 percentage points and operating earnings grew by 43 percent, to $41.4 million, the best results in the company’s history.

As a result of its strong cash position, Navico recently acquired Swedish marine electronics distributor Sportmanship Marin and is looking at other potential acquisitions.

“2012 has been a fantastic year and shows how well the company has come together,” Navico CEO Leif Ottosson said in a statement. “The global heritage that comes from the merger of three companies from three different parts of the world is now working to our advantage. Extensive investments into developing new technology and new products have resulted in an unparalleled pace of new product introductions, and this has been highly appreciated by the market. It seems that our customers also like our three-brand strategy and its focused solutions for each boating segment.”

“B&G is the only brand in the world dedicated to sailing,” Ottosson said. “Lowrance continues to dominate the fishing market, and Simrad Yachting is focused on ‘open water’ segments, including offshore and sport fishing, power cruising and luxury motor yachting, as well as its heritage — professional workboat markets. Our branding strategy, coupled with an unparalleled number of new product launches, is the core of our success.”

Click here for the full statement.

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