Marine net sales for Garmin are up 21% year on year according to the marine electronics company’s latest financial results.
The company received consolidated revenue of $1.51 billion, a 14% increase compared to the prior year quarter, with gross and operating margins of 57.3% and 22.7% respectively.
Overall operating income was $342 million, a 20% increase compared to the prior year quarter.
Revenue from the marine segment increased 26% in the second quarter primarily driven by the acquisition of JL Audio with net sales of $272,953 and gross and operating margins of 54% and 22%, respectively, resulting in $60 million of operating income.
Highlights of the quarter include the expansion of the Force Kraken trolling motor series, adding a 48in shaft length to accommodate a broader range of boats.
Garmin has also introduced a new Panoptix PS-22 Ice Fishing Bundle, a portable live sonar solution for winter fishing, which won a Best of Category award at ICAST sportfishing trade show.
“Garmin 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,” said Cliff Pemble, Garmin president and CEO of Garmin.
“We are pleased with our results so far in 2024, which have exceeded our expectations and give us confidence to raise our full year revenue and EPS guidance.”
Additionally in the quarter, Garmin was selected as the exclusive marine electronics and audio supplier for the American Independent Boat Builders for five years.
