OLATHE, Kansas — Garmin’s Q2 earnings statement, released last week, shows an eight percent revenue growth over 2015, helping push the company’s 2016 Q2 revenues over $815 million.
“The marine segment posted solid second quarter revenue growth of 8 percent driven by our strong lineup of chart plotters, fish finders, and entertainment systems,” the report says. “Growth was driven by market share gains in the inland fishing category. Gross margins increased year-over-year to 58 percent while operating margin increased to 26 percent resulting in operating income growth of 19 percent.”
Garmin has been aggressively pursuing marketshare in the inland fishing market since around 2010. Q1 earnings for this year were up 29 percent over 2015.
“We recognize that freshwater is our biggest opportunity to grow and grow quickly,” said Garmin Senior Manager of Marine Sales and Marketing David Dunn. “To do that, we’re leveraging some of the technology from saltwater and bringing it to freshwater. We’re also developing products specifically designed for freshwater markets.”
The company has markedly increased its presence in high-profile freshwater competitions like the Bassmaster Elite Series, as well as the National Walleye Tour. Last year, they sent shockwaves through the marine electronics world with the introduction of Panoptix, real-time sonar. They recently introduced Quickdraw Community, a user-generated platform where members can browse and download data from HD maps online.