Increased profitability
Gross margin in the marine segment reached 58%, while operating margin stood at 20%, generating operating income of $51 million in the fourth quarter of 2024. These results confirm Garmin's position as a key player in the marine navigation equipment market.
Overall, Garmin's consolidated sales for 2024 amount to $6.3 billion, up 20% on 2023, with improved profitability thanks to an operating margin of 25.3%.
Growth drivers in the marine segment
Several factors have contributed to the growth of the marine segment. The boom in Garmin chartplotters and fishfinders, particularly the GPSMAP 9000 range, continues to attract a growing number of yachtsmen and professionals. Innovation in connectivity and integrated navigation systems has also played a major role, facilitating on-board equipment management. The successful integration of JL Audio, acquired in 2023, has strengthened the company's high-end audio offering for the boating industry.
In recognition of its advances, Garmin received the National Boating Safety Award from the Sea Tow Foundation in 2024, underlining its commitment to boating safety.
Outlook for 2025
Garmin anticipates continued growth, with projected sales of $6.80 billion in 2025, up 8% on 2024. Gross margin should remain stable at 58.7%, while operating margin is estimated at 25%.
With an ambitious program of new product launches, sustained demand for marine electronics and a strong capacity for innovation, Garmin looks well positioned to continue its development in the navigation market in 2025.
