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Garmin Q3 revenue up 12% year-over-year as Fitness demand increases

Published November 1, 2023

OLATHE, Kan. (BRAIN) — Garmin Ltd.’s third-quarter revenue increased 12% year-over-year buoyed by the Fitness segment’s growth across all categories.

Fitness revenue — including bike GPS head units and accessories, power meter pedals, and Tacx stationary trainers — rose 26% year-over-year during the quarter. Company-wide consolidated revenue was $1.28 billion, compared with $1.14 billion at the same time last year.

“We delivered outstanding performance in the third quarter with double-digit percentage growth in revenue, operating income, and earnings,” said President and CEO Cliff Pemble. “Looking ahead, we are well positioned for the holiday selling season with a strong lineup of innovative products, which gives us confidence to raise our outlook for the remainder of the year.”

Year-over-year net income for the third quarter increased 22%, from $211 million to $257 million. Earnings per share increased from $1.09 to $1.34 year-over-year.

Fitness revenue was $353 million, compared with $280 million at the same time last year. Garmin said the segment was helped by wearable demand. All Garmin segments experienced revenue growth with the exception of Marine, which dipped 7%.

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

Topics associated with this article: Earnings/Financial Reports

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