Announcing its results for the fiscal quarter ended 26 March 2011, Garmin Ltd posted total revenue of US$508 million, up 18% from US$431 million in the first quarter of 2010.
All geographies posted double?digit revenue growth year on year. Garmin also registered revenue growth in each of its business segments (Automotive/Mobile, Outdoor, Fitness, Marine and Aviation).
The most notable gain during the period was from Garmin’s Fitness segment, which saw revenue increase by 30% to reach US$56 million in Q1 2011.
In an executive overview Dr Min Kao, Chairman and Chief Executive Officer of Garmin said, “We were pleased with the growth of our outdoor, fitness, aviation and marine segments, which combined posted operating income growth of 10%. We continue to invest in these segments in order to capitalize on the numerous long?term growth initiatives in each of them.
“The fitness segment posted revenue growth of 30% in the quarter as the business continues to expand both in North America and globally.
“We experienced strong demand for our high?end cycling products, particularly in Europe, and we continue to focus on leadership in the GPS running watch category with the release of the Forerunner 610.
“We anticipate strong demand for this product based upon the enthusiasm we saw at the Boston Marathon in April.”