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Garmin Q4 revenue up 10% on strong sales of wearables

Published February 24, 2017

OLATHE, Kan. (BRAIN) — Garmin Ltd. this week reported a 10 percent jump in fourth-quarter revenue fueled in part by strong sales of wearable devices like its Fenix adventure watches and Vivofit activity trackers.

For the full year, during which Garmin saw four consecutive quarters of revenue and profit growth, revenue rose 7 percent to $3.02 billion, exceeding analyst expectations. The quarterly result was also the first time the company has exceeded $3 billion since 2008.

Net profit totaled $137 million for the quarter and $511 million for the full year.

Garmin president and CEO Cliff Pemble said: “Looking ahead, we anticipate revenue growth of approximately 10 percent in 2017. We anticipate that wearables will continue to be strong, led by the new Fenix 5 series.”

 

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