Garmin Ltd has reported fourth-quarter sales of US$888m, up 3% compared to the same period a year ago. Net income for the quarter was US$138.8m compared to US$136.6m a year ago.
Its Marine division had sales of US$83.6m, up 24% compared to the same quarter a year ago. The company said in a statement that growth came from its updated line of chartplotters and fishfinders as well as its recently acquired Navionics product line. “We expect marine to be a growth segment in 2018 as we focus on market share gains and new product innovations,”said Garmin CEO Cliff Pemble in a statement.
Garmin reported US$3.08bn in sales for fiscal 2017, up 2% compared to fiscal 2016. Its Marine division had sales of US$374.0m for the year compared to US$331.9m in 2016.
The company expects 2018 sales to be about US$3.2bn, with an 18% sales gain in Marine. It expects that division to be its best sales performer this year.