Garmin's Q3 Results
Garmin raised its earnings guidance for the year after reporting third-quarter results that slightly topped expectations.
Sales jumped 12 percent, led by 30 percent growth in its Fitness segment and 20 percent in its Marine segment. The Outdoor segment declined 5 percent.
Third Quarter Highlights
- Strong double-digit revenue growth in three business segments
- Growth in both consolidated revenue and operating income
“We achieved another quarter of strong financial results with growth in both consolidated revenue and operating income, and we experienced strong double-digit revenue growth in three business segments reflecting the strength of our unique, diversified business model. Looking ahead, we are well-positioned for the holiday selling season with a strong lineup of innovative products.” - Cliff Pemble, president and chief executive officer
Total operating expenses in the third quarter were $590 million, a 15 percent increase over the prior year.
Author's summary: Garmin reports strong Q3 results.
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