Garmin's Q3 Revenue Boosted by Fitness Segment
Garmin's consolidated revenue increased 12% year-over-year in the third quarter, reaching $1.770 billion, compared to $1.586 billion in the same period last year.
The Fitness segment, which includes cycling products, drove this growth with a 30% increase, from $464 million to $601 million, due to demand for advanced wearables.
- The brand launched new cycling computers, the Edge 550 and 850.
- Coaching plans and cycling metrics were introduced to the Edge lineup.
"Looking ahead, we are well positioned for the holiday selling season with a strong lineup of innovative products," said Cliff Pemble, Garmin president and CEO.
Based on the first three quarters, Garmin updated its full-year revenue guidance to about $7.10 billion. Net income for the quarter increased slightly from $399 million to $402 million.
Earnings per share remained roughly the same, inching up from $2.
Author's summary: Garmin's Q3 revenue increases 12% year-over-year.