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 in the same period last year.
The Fitness segment, which includes cycling products, saw a significant increase of 30%, from $464 million to $601 million, driven by demand for advanced wearables. The launch of new cycling computers, such as the Edge 550 and 850, and the introduction of coaching plans and cycling metrics to the Edge lineup, also contributed to the growth.
"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, anticipating revenue of about $7.10 billion. Net income for the quarter increased slightly from $399 million to $402 million, with earnings per share remaining roughly the same.
Author's summary: Garmin's Q3 revenue increases by 12% year-over-year.
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