Garmin Ltd. (Nasdaq: GRMN) has announced results for the third quarter ended September 30, 2017, the company said.
The aviation segment posted revenue growth of 16%, driven by growth in both aftermarket and OEM sales. Gross and operating margins were 73% and 27%, respectively, resulting in 12% operating income growth.
Garmin recently announced the TXiâ¢ series of touchscreen flight displays with engine monitoring solutions. During the fourth quarter, it began shipping the previously announced GFCâ¢ 600, providing pilots with advanced autopilot capabilities in an aftermarket solution.
Looking forward, the company is focused on maximizing ADS-B mandate opportunities and gaining share in the OEM market.
Garmin Ltd., together with its subsidiaries, designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment solutions; and action cameras, as well as mobile applications under the Garmin and NAVIGON names. The Aviation segment provides navigation, communication, flight control, hazard avoidance, weather radar, radar altimeter, datalink weather, in-cockpit and cloud connectivity, automated logbook, voice and touch control, and other products and services; wearables, portables, and apps; and traffic collision avoidance, and terrain awareness and warning systems. It also offers controller-pilot data link, a suite of automatic dependent surveillance broadcast solutions. The Marine segment provides chartplotters and multi-function displays, fish finders, sounders, autopilot systems, radars, compliant instrument displays, VHF communication radios, handhelds and wrist-worn devices, sailing products, and entertainment products. The Outdoor segment offers outdoor handhelds, wearable devices, golf devices, and dog tracking and training/pet obedience devices. The Fitness segment provides running/multi-sport watches, cycling computers, cycling power meters, cycling safety and awareness products, and activity tracking devices, as well as Garmin Connect and Garmin Connect Mobile, which are Web and mobile platforms for users to track and analyze their fitness and wellness data. The company sells its global positioning system receivers and accessories to retail outlets; and aviation products to aviation dealers and aircraft manufacturers through a network of independent dealers and distributors. Garmin Ltd. was founded in 1990 and is based in Schaffhausen, Switzerland.