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Garmin revenue jumps 19% in Q3

Published October 28, 2020

OLATHE, Kan. (BRAIN) — Led by growth in fitness, outdoor, and marine, Garmin Ltd. reported revenue increased 19% year-over-year for the third quarter that ended Sept. 26.

Revenue from Garmin's fitness segment, led by Tacx indoor trainers and Edge head unit cycling products, increased 35%. Demand for advanced wearables also boosted the growth, Garmin reported. Outdoor sales increased 30% ($335 million), and marine 54% ($165 million) year-over-year.

Garmin's total revenue was $1.1 billion, compared to $934 million at the same time last year. Fitness revenue was $328 million. Garmin net income was $313 million, up from $228 million in Q2 2019. Earnings per share went up to $1.64 from $1.20 at the same time last year.

Garmin reported a 9% year-over-year revenue decrease in the second quarter of this year.

"Demand for active lifestyle products fueled strong revenue growth resulting in record revenue and profits for the quarter," said Cliff Pemble, Garmin president and CEO. "Interest in our products remains high as we move into the important holiday selling season, and we are prepared with a strong lineup of products that offer the innovation and uniqueness that consumers want."

Garmin expects full year 2020 revenue to be about $4 billion, with fitness, marine and outdoor offsetting declines in auto and aviation.

A cyber attack in July before the second-quarter earnings were released shut down the company briefly, preventing users from accessing some online services. No customer data — including payment information — was lost or stolen, the company said. No financial impacts from the attack were reported in Q3.

Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quote at

Topics associated with this article: Earnings/Financial Reports

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