Garmin launches world's first dive computer with built-in LED flashlight

Garmin, a major satellite navigation and smart wearable brand, announced its global financial report for 2023. Total revenue for the year increased by 8% to a record $5.23 billion. Among them, the three major product lines of aviation, navigation, and automotive OEM all achieved record highs in revenue. Garmin's overall annual operating profit was US$1.09 billion, an annual increase of 6%; gross profit margin was 57.5%, operating profit margin was 20.9%, and diluted earnings per share was US$6.71, an annual increase of 9%.

Garmin President and CEO Cliff Pemble said that continuing the strong growth in the fourth quarter of 2023, 2024 is a year full of expectations. Each product line has a clear growth plan. The strong lineup of innovative product ecosystem makes the company more confident to meet the active demand of the global market. Revenue is expected to grow by another 10% in 2024.

Garmin's revenue in the fitness and leisure field grew by 21% last year, and many new products were released in turn. After the Forerunner 265 and 965, which are standard for runners, were released in the first half of 2023, they both grew in an all-round way, led by the strong performance of stopwatches. The leader in outdoor products Domain launches Garmin's first marine waste diving computer watch "Descent G1 Solar Marine Rebirth Edition", jointly adhering to the commitment to environmental protection and sustainable development.

At the same time, Garmin launched the world's first "Descent Mk3i diving computer watch" with built-in LED flashlight and exclusive SubWave submersible sonar technology. The comprehensive upgrade of underwater transmission technology ushered in a new era of underwater communication in the industry. The Garmin inReach satellite tracking communication device is connected with the Garmin Response international rescue center to provide a global 24/7 interactive SOS emergency service. Its subscription number continues to grow, and there have been more than 12,000 SOS rescue incident signals sent by inReach around the world with successful rescue records.

Image source: Garmin

Garmin's revenue from OEM sales in the aviation field will increase by 7% in 2023. The Garmin Autoland aircraft automatic landing system has obtained King Air certification, which is Autoland's first certification in the twin-engine aircraft and modification market.

Garmin's revenue in the marine field will grow by 1% in 2023. Garmin acquired JL Audio, a pioneer in audio systems, in 2023. This will strengthen the Garmin marine entertainment product lineup and set a new high in revenue. It will also benefit from the sales performance of chartplotters and electric outboard series products.

In terms of automotive OEMs, revenue will grow by 49% annually in 2023. All product categories, including motorcycles and motorcycles, and shipments of multiple BMW motorcycles and motorcycles in various regions have continued to grow. Garmin recently released an upgraded version of the Unified Cabin, and also officially announced that it will use the Garmin motorcycle infotainment system with Yamaha Motors in specific motorcycles and smart two-wheeled models. (Source: MoneyDJ)

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