Posted on April 2, 2021 in Business.
Record performance for Garmin® in 2020
Despite the global context of crisis, GARMIN recorded a turnover of 1,35 billion dollars for the period Q4 2020, ie + 23% versus Q4 2019. Over the year 2020, the group announces historic growth of 11%; thus marking the fifth consecutive year of growth in sales and operating income.
Robust growth driven by the fitness, outdoor and marine sectors
With a 26% increase over the whole of 2020, the fitness segment benefited from strong demand for connected watches, but also products dedicated to cycling. The last quarter of 2020 was marked by the launch of the Tacx Boost home trainer and the new Venu Sq connected watch.
In the Outdoor segment, sales soared 40% in the fourth quarter, marked by strong demand for adventure watches. During the period, Garmin notably launched the Descent Mk2i dive computer and the Instinct Esports Edition watch.
Sales in the Marine segment increased by 48% in the fourth quarter, driven by several launches and updates including that of the all-new Striker ™ Vivid series for fishing.
The aviation and automotive sectors, on the other hand, saw their turnover drop by 15 and 16% respectively, due to the Covid crisis - drastic reduction in air traffic and travel - and the massive investments made in the automobile sector.
“In a year filled with unimaginable challenges, Garmin achieved record revenues and profits”, said Cliff Pemble, CEO of Garmin. “Strong demand for wearables has fueled our growth, and we expect these trends to continue into 2021. I am very proud of what we have accomplished in 2020 and look forward to the opportunities and challenges of this new year. "
Confident for 2021, Garmin expects approximately $ 4,6 billion in revenue and growth across all of its business segments.
To know more : garmin.com
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