Garmin Ltd. recently announced results for the fourth quarter and fiscal year ended December 26, 2020.
Revenue from the marine segment grew 48% in the fourth quarter across multiple categories led by chartplotters. Gross margin and operating margin were 56% and 24%, respectively, resulting in 92% operating income growth.
The full report can be found here.
On the marine side, the company recently updated our mid-range GPSMAP chartplotter series with higher resolution displays and more processing power, and we launched the all new Striker Vivid series with enhanced color depth in an entry level fishfinder.
“In a year filled with unimaginable challenges, Garmin delivered record revenue and profits,” said Cliff Pemble, President and CEO of Garmin. “Strong demand for active lifestyle products fueled our growth, and we expect these trends to continue into 2021. I am very proud of what we have accomplished in 2020 and look forward to the opportunities and challenges of the new year.”