Garmin records record figures for the first quarter of 2019
The hugely popular GPS technology company Garmin has reported record profits for the first quarter of 2019. The company, which is based in the USA, has seen its revenue grow by 8% to US$766m.
Garmin’s marine division outperformed all of the other sectors, with its revenue increasing by 18%.
The company has also been named supplier of the year by OEM customers and industry groups in the marine sector, as well as the aviation sector.
Our product portfolio is very strong, bolstered by recent introductions with more to come throughout the remainder of the year.
– Cliff Pemble, Garmin president and chief executive
The president and chief executive of Garmin, Cliff Pemble, said that they were optimistic as they go into the middle of the year. He said: “Our product portfolio is very strong, bolstered by recent introductions with more to come throughout the remainder of the year.”
The marine division of Garmin has seen plenty of growth driven by strong demand for their chartplotters and the Panoptix LiveScope sonars.
Garmin has also recently revealed the ECHOMAP Ultra series, which utilises new mapping content with in-built Panoptix LiveScope support.
The company was also named as the 2018 Supplier of the Year by Independent Boat Builders, Inc (IBBI), after its marine division registered a gross margin of 58% and an operating margin of 19%.
IBBI is the US marine industry’s largest purchasing cooperative that’s made up of a 19-member network of leading boat brands. This cooperative collectively build almost one quarter of all the boats sold in the USA.
Speaking about the award, Dan Bartel, Garmin vice president of global consumer sales, said: “It’s truly an honor to work with the IBBI and to be named its Supplier of the Year among so many notable suppliers to the group.
“This award is a testament to the hard work and dedication of the entire Garmin team, and we look forward to continuing to provide this group of boat builders, whose partnerships we highly value and respect, with best-in-class products and service for many years to come.”
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