Garmin’s recently released its Q3 earnings report reveals significant growth amidst one of the most challenging years ever for the global economy. Its 19% increase in total revenue was bolstered by a whopping 54% boom in marine sales.
“Demand for active lifestyle products fueled strong revenue growth resulting in record revenue and profits for the quarter,” said Cliff Pemble, President and CEO of Garmin. “Interest in our products remains high as we move into the important holiday selling season, and we are prepared with a strong lineup of products that offer the innovation and uniqueness that consumers want.”
Revenue from the marine segment grew 54% in the third quarter across multiple categories led by chartplotters. Gross margin and operating margin were 61% and 31%, respectively, resulting in 152% operating income growth. For the sixth consecutive year, Garmin was recognized as the Manufacturer of the Year by the National Marine Electronics Association (NMEA) and was also awarded four Product of Excellence awards. We launched the new OnDeck system, Garmin’s first remote connectivity solution for boaters to track, monitor, and remotely control switches on their vessel from virtually anywhere. Garmin also refreshed our Fantom solid-state marine radar offering industry leading power in the solid-state RADAR market.
The comes on the heels of a smorgasbord of new offerings from Garmin, including a new GPS Map, new transducers, and a new Striker Cast fish finder that integrates with smartphones released in late October.