Revenue grows by 10%

Garmin ECHOMAP UHD2 chartplotter

An electronics company has seen its marine segment revenue grow by 10%.

Garmin’s marine revenue grew 10% in the first quarter of 2023, a factor the company puts down to the timing of spring promotions.

The company saw gross and operating margins of 54% and 26% respectively, resulting in $72 million of operating income and net sales of US$278,975 compared to $254,069 in the same quarter in 2022.

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