Its marine division sales for the quarter were US$43m, up 16 per cent compared to a year ago. For its fiscal year, Garmin said marine generated US$222m in sales, up 12 per cent compared to 2010. Garmin reported sales of US910m for its fourth quarter ended December 31, 2011, up 9 per cent compared to the same period a year ago. The company said its net income was US$187.5m compared to US$161.6m a year ago.
“The marine industry, like aviation, has been slow to recover but Garmin has continually gained market share, allowing us to post our strongest ever revenues in 2011,” said Dr. Min Kao, Garmin chairman and CEO, in a statement. “We have invested heavily in our marine segment this year with increased research and development and the build?out of additional support infrastructure to serve our growing base of OEM customers.” Kao said that marine sales “exceeded expectations,” but he expects continued growth in 2012. Garmin forecasted companywide sales between US$2.7-2.8bn in 2012, with earnings per share in the range of US$2.45 to US$2.60.
