Record first quarter for Garmin
US-based GPS technology company, Garmin, has reported a record first quarter for 2019 with the marine division outperforming all other sectors.
Revenue has grown by 8% to US$766m, with the marine division increasing by 18% and the company has been named supplier of the year by OEM customers and industry groups in both the aviation and marine sectors.
Cliff Pemble, president and chief executive of Garmin, said that the company was optimistic entering the mid-year selling season. "Our product portfolio is very strong, bolstered by recent introductions with more to come throughout the remainder of the year," he said.
Marine sector growth
Strong demand for Garmin's chartplotters and Panoptix LiveScope sonars has driven growth in the marine division and the company has also recently introduced the ECHOMAP Ultra series combining built-in Panoptix LiveScope support with new mapping content. Gross and operating margin in this segment were 58% and 19% respectively and the company was named 2018 Supplier of the Year by Independent Boat Builders, Inc.
Overall, total operating expenses were US$300m which represents a 6% increase on the previous year and the company generated over US$134m of free cash flow, ending the quarter with cash and marketable securities of approximately US$2.7bn.
The board will now recommend to shareholders that they approve a cash dividend of US$2.28 per share.
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