News

Aug 14, 2023

Fitness segment drives Garmin's 6% Q2 revenue growth

OLATHE, Kan. (BRAIN) — Led by the Fitness segment's double-digit revenue growth, Garmin Ltd. second-quarter revenue increased 6% year-over-year. Fitness — including bike GPS head units and

OLATHE, Kan. (BRAIN) — Led by the Fitness segment's double-digit revenue growth, Garmin Ltd. second-quarter revenue increased 6% year-over-year.

Fitness — including bike GPS head units and accessories, power meter pedals, and Tacx stationary trainers — grew 23% ($334 million) for the quarter ending July 1. Overall consolidated revenue was reported at $1.32 billion, compared with $1.24 billion at the same time last year.

During the quarter, Garmin released the Edge 540 and Edge 840 cycling computers with advanced mapping capabilities and solar charging.

Revenue for three of Garmin's five segments increased, with Outdoor (3%) and Marine (11%) declining.

Year-over-year net income for the first quarter increased 12%, from $258 million to $288 million. Earnings per share increased from $1.34 to $1.51 year-over-year.

President and CEO Cliff Pemble said based on its first-half performance, Garmin will adjust its full-year guidance, anticipating revenue of about $5.05 billion.

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