Garmin reports record results for Q3

Garmin Ltd. recently announced its results for the third quarter ended Sep. 28, 2019.

Garmin said highlights for the 2019 quarter included revenue of $934 million, which was a 15% increase over the prior year quarter. All of the company’s segments — aviation, fitness, outdoor and marine collectively increased 24% over the prior year quarter.

The company had a gross margin of 60.7%, compared to 59.4% in the prior year, with an operating margin of 28%.

“We delivered another quarter of strong growth thanks to our lineup of great products in every market segment,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “We are well positioned for the remainder of 2019 and are raising our revenue and EPS guidance to reflect our strong performance.”

Revenue from the marine segment grew 9% in the quarter with growth across multiple product categories, led by strong performance in chartplotters.

Gross and operating margins improved to 60% and 19%, respectively, resulting in strong operating income growth.