Garmin delivers record second quarter sales

Garmin – the Swiss-based multi-national technology conglomerate – posted record second quarter revenue this year with a hefty contribution from its fishing-led marine division.

The group reported consolidated revenue of $1.51 billion, a 14% increase on the same comparable period last year. Sales from Marine showed a 26% rise, driven primarily by its acquisition of JL Audio.

The segment also recently expanded its Force Kraken trolling motor series, adding a 48-inch shaft length to accommodate a broader range of boats. The new Panoptix PS-22 ice fishing bundle, an ultra-portable live sonar for winter fishing, was launched at the ICAST tackle trade show in the US last month and won the ice fishing category in the show’s product awards.

Additionally, Garmin was selected as the exclusive marine electronics and audio supplier for Independent Boat Builders through to 2029.

Cliff Pemble, Garmin President and Chief Executive Officer, told investors: “The group delivered another impressive quarter of growth in both revenue and operating profit, made possible by an innovative product line-up and the strength of our diversified business model.

“We are pleased with our results so far, which have exceeded our expectations and given us the confidence to raise our full year guidance.”