OLATHE, Kan. (BLAINE) — Fitness segment sales continue to drive Garmin’s growth across all categories, with sales up 24% year-over-year in the third quarter.
Consolidated sales for the quarter ended Sept. 28 were $1.59 billion, compared with $1.28 billion in the same period last year. Fitness sales, including sales of cycling products, increased 31% year over year to $464 million. President and CEO Cliff Pemble cited demand for wearables as a factor for growth.
During the quarter, Garmin updated the Garmin Coach platform with cycling training plans.
“We are raising our outlook for 2024 given the results we have achieved to date and the momentum we have ahead of the important holiday season,” Pemble said.
Net income for the second quarter increased 55% year over year, from $257 million to $399 million. Earnings per share increased from $1.34 to $2.08.
Garmin’s headquarters are in Olathe. The company’s stock trades on the Nasdaq under the symbol GRMN. Stock prices can be viewed at Marketwatch.com.
