Record revenues for fish-finder manufacturer

Garmin, the technology company whose products include sonar equipment, trolling motors, chart plotters, fish finders and ice fishing kits, has reported a year-on-year revenue increase of 13% to $1.48 billion for its fourth quarter.

These latest results mean that Garmin finishes the year with record consolidated revenue of $5.23 billion and operating income of $1.09 billion, increases of 8% and 6% respectively over the previous year,

Operating income was $340 million, a 27% increase compared to the prior-year’s quarter. Operating margin was 23% compared to 20.5%.

The performance is in contrast to some of the industry’s big players who have reported downturns in the face of inventory issues and slow consumer spending.

Garmin’s marine segment grew 54% to $127 million, due to contributions from the acquisition of JL Audio, resulting in operating income of $37 million.

The four other segments in which the company operates – fitness, outdoor, aviation and auto – also achieved revenue increases. “We are very pleased with our 2023 financial performance resulting in record full-year consolidated revenue and record full-year revenue in three of our five segments,” said Cliff Pemble, President and CEO of Garmin. “We are entering 2024 with strong momentum from our robust product line-up and have many product launches planned during the year.”

Looking ahead, Garmin said it expects full-year 2024 revenue of around £5.75 billion, an increase of 10% over 2023.