Garmin has released their 2022 Q4 and fiscal year results.
Revenue from the marine segment grew 7% in the fourth quarter primarily driven by the company’s sonar and chartplotter products. Gross and operating margins were 54% and 20%, respectively, resulting in $43 million of operating income. During the quarter, Garmin announced that Garmin Navionics+ featuring a streamlined interface, combined coastal and inland content and access to daily chart updates with subscription is now pre-loaded in certain flagship GPSMAP chartplotters.
“Our performance in 2022 was solid even as we faced increasing headwinds affecting the business environment and consumer behaviors,” said Cliff Pemble, President and CEO of Garmin. “We are entering 2023 with a strong product lineup, and many more product launches are planned throughout the year. I am very proud of what we accomplished in 2022 and look forward to the opportunities and challenges ahead.”