SCHAFFHAUSEN, Switzerland (BRAIN) — Garmin is reporting strong fitness sales in its second quarter and said its long-anticipated Vector power meter is now in "mass production and will be delivered to retailers soon."
The Vector, a pedal-based system, has been delayed several times. Garmin based the Vector on a design it bought from Metrigear in 2010. But CEO Cliff Pemble told investors in a call Wednesday that the wait is over. He said the Vector was the fitness division's "most anticipated new product delivery in the third quarter."
"We are excited to finally cross the finish line with this new product, and anticipate our customers will appreciate the unique features and value proposition that Vector brings to the cycling market."
Garmin's Fitness division, which includes its cycling products, reported sales of $84 million in the second quarter, a 3 percent improvement over last year. Pemble told investors that new cycling products and Forerunner 10 running watch have performed well in the marketplace.
Overall, Garmin sales in the quarter were down 3 percent, to $697 million and earnings were down 7 percent as the company's traditional market in personal-navigation-devices declines.
Garmin has its corporate headquarters in Switzerland; its U.S. base is in Olathe, Kansas. The company's stock is traded on NASDAQ under the GRMN symbol. Its stock performance is tracked on the BRAIN stock chart page.