Garmin (parent of JL Audio) and Gentex (parent of VOXX) reported recent quarterly earnings.
Garmin includes JL Audio car and marine sales under Garmin’s Marine division, and said its Q2 Marine segment sales rose 10 percent (led mainly by the category of chartplotters). Garmin Marine sales hit $299 million with an operating income of $63 million.
Garmin did not break out JL Audio’s sales for the quarter. For reference, Garmin did provide enough information last year to determine JL’s sales for the same quarter totalled $41.2 million with total Garmin Marine sales at $273 million.
Garmin was questioned during a call with analysts on how it has been able to exceed the growth of the marine audio market in general.
CEO Cliff Pemble said, “I think growth in marine, for sure, the market has been a little bit towards the downside. We feel like it’s been stabilizing. It has faced, you know, a lot more uncertainty as people try to process, especially boat builders, the issues of tariffs that affect them, as well as consumer sentiment. But in general, we’ve seen stable demand for our products, and especially where we’re providing products with unique innovation and differentiation, we’re seeing people come to Garmin Ltd. and taking share in those categories as well.”
Separately, Gentex said VOXX contributed $78.8 million in revenue during its recent second quarter earnings report. Gentex CTO and VP Engineering Neil Boehm said of VOXX, “…now that we’ve completed our first full quarter working alongside their teams, we’re focused on gaining a deeper understanding of their product lines, cost structures, and operational opportunities…We’ve taken a deliberate approach to not rush the integration so that we can ensure alignment across departments.”
Gentex provided a full year sales forecast for VOXX (which was purchased April 1 this year) of $240 million to $280 million in sales. VOXX’s gross margins for the year are estimated at 27 to 29 percent, and operating expenses are projected to be between $70 and $80 million, excluding severance.
The audio blog Strata-gee provides an in-depth analysis of VOXX earnings here.
See Garmin’s full earnings release here.
See Gentex’s full earnings release here.
Believe nothing of what you hear and half of what you see.
MERGERS AND ACQUISITIONS SOMETIMES WORKS BEST FOR THE ACQUIRER, SOMETIMES BITES THEIR AR$$E, AND SOMETIMES OURS.
Garmin didn’t break down JL’s sales numbers..? Gee I wonder why. With the avalanche of disdain they’re attracted since they re-branded after the buyout I can only imagine they didn’t look too good YoY.