OLATHE, Kan. (BRAIN) — Garmin Ltd. consolidated revenue increased 12% year-over-year in the third quarter led by the Fitness segment that includes cycling products.
Overall consolidated revenue for the period ending Sept. 27 was $1.770 billion, compared with $1.586 billion at the same time last year. The Fitness segment increased 30%, from $464 million to $601 million. Demand for advanced wearables drove the Fitness increase, Garmin said, also noting the brand launched new cycling computers — the Edge 550 and 850 — and introduced coaching plans and cycling metrics to the Edge lineup.
Based on the first three quarters, Garmin updated its full-year revenue guidance, anticipating revenue of about $7.10 billion.
"Looking ahead, we are well positioned for the holiday selling season with a strong lineup of innovative products," said Cliff Pemble, Garmin president and CEO.
Year-over-year net income for the quarter increased slightly from $399 million to $402 million. Earnings per share was roughly the same, inching up from $2.08 to $2.09.
Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quote on Nasdaq.
