Garmin earnings sends shares to 12-year high

> Subscriber-only, By Arlene Sloan2020-02-20T16:12:00

The electronics maker’s stock price surged yesterday on the company’s report of Q4 and 2019 results which beat Wall Street’s expectations. Revenues for the fourth quarter totalled $1.1 billion, including a 22% rise in marine sales.

Swiss electronics maker Garmin International Ltd. said revenues from the company’s marine segment grew 22% in the fourth quarter driven by chartplotters, advanced sonars, and a new trolling motor. Gross margin and operating margin for the segment improved to 60% and 19%, respectively, resulting in 154% operating income growth for the period. For the year, Marine revenues were up 15% exceeding the $500 million threshold for the first time, according to Cliff Pemble, Garmin President and CEO speaking to analysts during the company’s webcast. He also commented on the status of supplies from Asia during the call and the outlook for marine in 2020…

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