Revenue from its marine segment helped navigation company Garmin to record revenues and operating income in its second quarter.
The multinational business reported a 66% increase in revenue from marine, with growth from multiple categories led by a strong demand for chartplotters. Operating income for the segment grew by 106%.
Garmin announced the integration of its displays on Mercury-powered boats during the quarter and launched the MSC 10 satellite compass. The period was also notable for victory in the Bassmaster Classic for Hank Cherry, who was using Garmin marine electronics.
Garmin also saw significant growth across its fitness, outdoor, aviation and auto segments. Based on its strong Q2 performance, the company has increased its full-year guidance to revenues of $4.9 billion (up from $4.6 billion), with growth in all segments.
“Strong demand for active lifestyle products continued, and we experienced solid recovery within our aviation and auto segments resulting in record revenue and profits in the second quarter,” said Cliff Pemble, President and CEO.