This morning Garmin announced its fourth quarter and fiscal year 2020 results, reporting another record quarter and a fifth consecutive year of revenue and operating income growth.
For the quarter, Garmin reported total revenue of $1.35 billion, a 23% increase over last year, with a record consolidated revenue of nearly $4.2 billion for fiscal year 2020, up 11% over 2019. In the marine segment, the company reported a 48% increase on the quarter, with total revenue of $657 million, a 29% increase, for the year.
From Dave Dunn, Garmin director of marine sales:
“Garmin’s marine business segment continues to benefit from the renewed interest in outdoor recreational activities, especially boating and fishing, with Q4 2020 revenue growth of 48% – our highest quarter of revenue for the segment to date. As the largest and most innovative marine electronics manufacturer, 2020 marked Garmin’s seventh year of double-digit annual growth for our marine business. As a whole, our industry continues to experience tremendous growth with more and more people finding or rediscovering their love of the water, and we’re pleased to offer electronics that enhance so many on-the-water experiences.”
The full press release can be found here