Garmin Ltd. recently announced results for the second quarter ended June 26, 2021. The company reported a total revenue of $1.33 billion, a 53% increase over the prior year quarter with double-digit growth in all segments.
“Strong demand for active lifestyle products continued, and we experienced solid recovery within our aviation
and auto segments resulting in record revenue and profits in the second quarter,” said Cliff Pemble, President
and CEO of Garmin. “We are very pleased with the results we have delivered thus far, giving us confidence to
raise our full year 2021 revenue and EPS guidance.”
Revenue from the marine segment grew 66% in the second quarter with growth across multiple categories, led
by strong demand for our chartplotters. Gross margin and operating margin were 58% and 34%, respectively,
resulting in 106% operating income growth. During the quarter, Garmin announced the integration of our displays on
Mercury-powered boats which can receive engine performance data via Mercury’s new SmartCraft Connect
gateway, which enables monitoring of up to four engines simultaneously. The company also launched the MSC 10 marine satellite compass, a GPS-based navigation tool with multi-band GNSS and a fully integrated attitude and
heading reference system for a smooth and accurate GPS-derived heading and position on the water. Also, with
the assistance of our innovative marine electronics, Hank Cherry, a Garmin sponsored angler, won the
You can find the full earnings report from Garmin’s second quarter here.