Garmin’s fishing electronics sales rise 21%
Global electronics giant, Garmin, reported a 21% increase in sales in its marine segment in the first quarter of the year.
The Switzerland-based conglomerate said that its growth across all categories in the division was led by strong demand for its chartplotters. Gross and operating margins were up 51% and 23% respectively, resulting in $59m of operating income.
“During the quarter, we launched the new LiveScope Plus with enhanced resolution, clearer images and improved target separation,” it told investors. “Also, during the quarter, our LiveScope technology helped Garmin sponsored fishing pro, Jason Christie (pictured), win the 2022 Bassmaster Classic, which drew more than 150,000 spectators over a three-day period.”
Overall the group reported record consolidated revenue of $1.17 billion, an increase over the same period last year of 9%, with three divisions posting double digit growth.
Cliff Pemble, President and CEO of Garmin, said: “We delivered another quarter of growth with record revenue in an increasingly complex and challenging business environment. High freight costs and component supply challenges persist while new headwinds emerge, such as the strengthening US dollar and the uncertainty created by Russia’s invasion of Ukraine.
“In this dynamic environment we remain focused on creating highly differentiated products that excite our customers and lead to success.”
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