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Fitness & outdoor segments boost Garmin’s Q3 2019

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Garmin has reported total Q3 2019 revenue of US$934 million, a 15% increase year on year – with aviation, fitness, outdoor and marine collectively increasing 24% over the prior year quarter.

Revenue from the Garmin’s fitness segment grew 28% in the quarter to US$243 million. This was driven by strength in wearables and contributions from newly acquired Tacx. Gross and operating margins were 52% and 20%, respectively.

At IFA, Europe’s leading consumer electronics trade show, Garmin announced a sweeping update to its line of consumer wearable products including new versions of the vÍvoactive series in two sizes, the vÍvomove 3 hybrid smartwatch series, and the all new Venu smartwatch featuring a AMOLED color touchscreen display and long battery life.

Revenue from the outdoor segment grew 23% in the quarter to US$258 million – with growth in multiple product categories, led by strong performance in the adventure watch category. Gross and operating margins improved to 66% and 41%, respectively, resulting in strong operating income growth.

At the recent Ultra-Trail du Mont- Blanc running event, Garmin launched the fēnix 6 adventure watch series with larger displays, added performance features and Garmin’s exclusive solar harvesting technology.

Cliff Pemble, Garmin President and Chief Executive Officer said “We delivered another quarter of strong growth thanks to our line-up of great products in every market segment. We are well positioned for the remainder of 2019 and are raising our revenue and EPS guidance to reflect our strong performance.”

www.garmin.com

 

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