Garmin Ltd. grew revenue 3 percent to $888 million in the fourth quarter, with outdoor, fitness, marine and aviation collectively growing 9 percent over the year prior.
Those segments contributed 78 percent of total revenue, the company announced.
“We expect marine to be a growth segment in 2018 as we focus on market share gains and new product innovations,” the company said in a statement.
Total revenue for the year was nearly 3.09 billion, growing 2 percent over fiscal year 2016, with outdoor, fitness, marine and aviation increasing by 9 percent and contributing 76 percent of total revenue.
The marine segment posted strong fourth-quarter revenue growth of 24 percent, which the company attributed to its updated lineup of chartplotters and fishfinders, as well as contributions from its recently-acquired Navionics product line.
Gross margin improved to 55 percent in marine.
During the fourth quarter, the company recorded a one-time accrual for a litigation settlement resulting in an operating loss in the marine segment of 13 percent. Navico and Garmin settled a three-year patent dispute earlier this month.
During the fourth quarter, the Garmin began shipping its new connected offerings in Echomap and Striker product lines, enabling connectivity through its new ActiveCaptain mobile app.
This was the second full year of sales and operating income growth driven by strong sales in our outdoor, aviation and marine segments, said Cliff Pemble, president and chief executive officer of Garmin Ltd.
“Entering 2018, we see additional growth opportunities ahead and we believe that we are well positioned to seize these opportunities with a strong lineup of products,” Pemble said.
