Revenues in the marine segment were up 28% in the third quarter
Garmin reported third-quarter revenue increased 8% from the prior year at US$810m, with the marine segment leading the growth with a 28% increase in revenue over the same quarter last year.
The earnings report was released at the same time the company introduced a slate of new products at the Fort Lauderdale International Boat Show (FLIBS).
Garmin’s marine, aviation, fitness and outdoor units combined were up 16% from the prior year.
“During the third quarter, we continued our strong performance, achieving double-digit revenue growth in four of our five segments and double-digit growth of consolidated operating income,” Garmin president and CEO Cliff Pemble said in a statement.
Gross margins were up some 1.2% over 2017 at 59.4%.
The company cautions that Q4 revenue will be “relatively flat” year-over-year.
Garmin said that it will focus on freshwater fishing markets to gain market share going forward.