Starting first with Marine. Revenue in the Marine segment declined 14%, driven by weak economic conditions around the world. However, better gross margins largely offset the impact of lower sales. Sales in Europe were down sharply, while sales in other regions were comparatively better but still soft during the normally robust second quarter selling season.
While industry statistics indicating that boating sales have improved, the trend seems to be towards low-end boats where there's little to no Marine Electronics content. We maintain a high level of confidence in our long-term opportunities in the Marine segment and are continuing to invest in new product development and strategic alliances that position us for market share gains. As we have mentioned previously, these investments will create near-term operating margin compressions.
In Aviation, we posted revenue growth of 4% as improvements in OEM deliveries were partially offset by weakness in the aftermarket. In recent quarters, operating margin has trended below historical norms as new programs require a higher level of R&D investment compared to what we have seen in the past. We remain confident that these investments will lead to stronger revenue and operating margin growth for the future.
During the quarter, we made additional announcements that demonstrate the progress we are making to expand our presence in the business jet market. Cessna selected are G5000 integrated flight deck where the new Citation Longitude, which is the longest range business jet operating in the Cessna lineup. This expands upon the already successful relationship we have had with Cessna for many years now.In addition, we announced a new relationship with Bombardier. We selected the G5000 for the new Learjet 70 and 75, which are scheduled for delivery in 2013. Due to the steady increasing number of new confident certifications that are in progress, we thought it would be helpful to provide a summary of the major wins that have been announced so far and projected entry into service based on publicly available information from the aircraft manufacturers. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV