Garmin's Q3 Revenue Boosted by Fitness Segment
Garmin's consolidated revenue increased by 12% year-over-year in the third quarter, reaching $1.770 billion, compared to $1.586 billion last year.
The Fitness segment, which includes cycling products, saw a 30% increase, from $464 million to $601 million, driven by demand for advanced wearables.
- The launch of new cycling computers, the Edge 550 and 850, contributed to the growth.
- Introduction of coaching plans and cycling metrics to the Edge lineup also played a role.
"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.
Garmin updated its full-year revenue guidance to approximately $7.10 billion, based on the first three quarters. 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 by 12% year-over-year.
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