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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Thrustmaster Announces Factory Expansion

Thrustmaster of Texas, a manufacturer of commercial marine propulsion products, signed a deal last week to expand its Houston-based production facility by 100,000 sqft (93,000 sq m).

Marine Electronics

Navico Acquires MARIS; Expands Portfolio

Navico Holding AS, parent company to the Simrad brand of navigational marine electronics, has reached an agreement to acquire MARIS (Maritime Information Systems A/S) from The Grieg Group.

Northrop Grumman Sponsors Maritime RobotX Challenge

Northrop Grumman Corporation is expanding its support for science, technology, engineering and math (STEM) education across the globe by sponsoring the Maritime RobotX Challenge in Singapore, Oct.

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Finance

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1356 sec (7 req/sec)