Navico Reports 2012 Profitability and Market Share

Press Release
Tuesday, February 26, 2013

Navico — selling under the Lowrance, Simrad and B&G brands — announced its operational performance results for the fourth quarter and the year ending December 31, 2012.

Revenue in the fourth quarter increased by 27% compared to the same period in 2011, ending the year on the same strong note as earlier quarters in 2012. Overall, the revenues for the year were up 15% to MUSD 256.0 in a flat market. This resulted in Navico increasing its global market share by around 4 percentage points, which further strengthens its position as the undisputed leader in recreational marine electronics.

The 2012 revenue performance demonstrates increasing strength across all three brands and continues the trend of the previous two years, when each of the Navico brands — Lowrance, Simrad Yachting and B&G — gained market share, and grew faster than any other major marine electronics brand. Revenues increased in all geographic markets in 2012, but were particularly strong in the United States.

Earnings showed significant growth in 2012. Navico’s gross margin increased by 5.5 percentage points and operating earnings (EBITDA) grew by 43% to MUSD 41.4, which are the best results in the Company’s history. As a result of its strong cash position, Navico recently acquired Swedish marine electronics distributor, Sportmanship Marin and is looking at other potential acquisitions.

“2012 has been a fantastic year and shows how well the Company has come together,” said Leif Ottosson, CEO of Navico. “The global heritage that comes from the merger of three companies from three different parts of the world is now working to our advantage. Extensive investments into developing new technology and new products have resulted in an unparalleled pace of new product introductions, and this has been highly appreciated by the market. It seems that our customers also like our three brand strategy and its focused solutions for each boating segment.”

“B&G is the only brand in the world dedicated to sailing,” continued Ottosson. “Lowrance continues to dominate the fishing market and Simrad Yachting is focused on ‘open water’ segments including offshore and sport fishing, power cruising and luxury motor yachting, as well as its heritage — professional workboat markets. Our branding strategy, coupled with an unparalleled number of new product launches, is the core of our success.”

www.navico.com
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Rescues Unconscious Boater

The Coast Guard rescued an individual from a marsh flat in Barataria Waterway located approximately six miles north of Grand Isle, Tuesday. Coast Guard Sector

SHIPPINGInsight to Focus on Ship Telematics

The subject of ship telematics will be prominently featured at the upcoming SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition, which takes place in Stamford, Conn.

Euronav Acquires $ 750 mi Facility

The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DNB

Marine Electronics

MarineCFO Unveils Endurance Software

Capitalizing on its 2013 acquisition by software firm VerticaLive, MarineCFO has announced a Fall 2015 introduction of Endurance, a cloud version of the MarineCFO Enterprise Solution.

Powering the First Electric Commercial Fishing Boat

The world’s first electric commercial fishing vessel will be powered by a Corvus lithium polymer Energy Storage System (ESS) integrated with a Siemens propulsion

MN 100: Baker, Lyman & Co., Inc.

The Company: A wheelhouse favorite for generations, Baker, Lyman & Co. is the oldest NOAA & Admiralty Chart Agent in the United States. New Orleans-based Baker

Finance

China Shipping Line to Buy 10 Vessels

China Shipping Container Lines Co is planning to buy around 10 ultralarge container ships for around $1.5 billion, despite the shipping industry struggles with a capacity glut, reports WSJ.

Cosco CSCL Merger Talks Continue

The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media.   According to JoC, the Chinese

CMA CGM's Profits Jump 67% in Q2

French shipping giant CMA CGM, reported a 66.7% jump in net profit to $156m in the second quarter of 2015. The result compared to a $94m net profit in the same period a year earlier.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2838 sec (4 req/sec)