Garmin Ltd. announced that its total revenue in the second quarter was $870 million, a 9 percent year-over-year increase as strength in fitness and marine partially offset declines in outdoor, aviation and automotive.
Revenue from the marine segment grew 4 percent in the second quarter across multiple categories led by chartplotters and PanoptixTM sonar technology.
Gross margin and operating margin in the marine segment were 59 percent and 28 percent, respectively.
Garmin highlighted its expanded, exclusive relationship with Regulator Marine, which announced it will feature Fusion Apollo series stereos as standard equipment.
The company also launched quatix solar, its first marine smartwatch featuring solar charging technology.
“Garmin delivered strong second quarter financial results in a period filled with unprecedented challenges,” said Garmin Ltd. president and CEO Cliff Pemble in a statement. “Business conditions rapidly improved from April lows driven by popular fitness, marine, and outdoor products. We believe these results affirm the resilient nature of our business and the strong utility of our products.”
