Marine business drives Garmin to record Q3 revenue and profit
Marine business again showed the highest gain as Garmin reported record revenue and profits for the third quarter ended September 26th.
Total revenue for the quarter was $1.1 billion, up 19% year-over-year, while operating income grew 21% to $317 million. Operating margin improved slightly to 28.6%. Garmin also updated its full year guidance with a forecast well above Wall Street estimates. Revenue from the marine segment grew 54% across multiple categories, led by chartplotters. Operating income grew by 152%.
“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 line-up that offers the innovation and uniqueness that consumers want.”
The company expects full year 2020 revenue to be approximately $4 billion, with further growth in the marine, fitness and outdoor segments partially offset by declines in auto and aviation.
Garmin won the overall best of show award at ICAST in 2019 with its Force Trolling Motor and was named Manufacturer of the Year 2020 by the National Marine Electronics Association for the sixth consecutive year.