OLATHE, Kan. (BRAIN) — Garmin Ltd. capped a fifth consecutive year of revenue growth in 2020 with fourth-quarter revenue increasing 23% year-over-year, partly led by gains in the fitness segment, which includes cycling products.
Revenue for the quarter was reported at $1.4 billion, compared to $1.1 billion in 2019. Fitness grew 26%, also driven by growth in wearables. Garmin launched the non-smart Tacx Boost indoor trainer during the quarter.
Fitness revenue was $471 million, up from $373 million from fourth-quarter 2019. For the year, fitness increased also by 26% — from $1 billion to $1.3 billion — bringing in the most revenue for Garmin in 2020.
Garmin's net income for the quarter was $334 million, down 7.5% from $361 million year-over-year. Earnings per share dropped 8% from $1.90 to $1.74 year-over-year.
For 2020, overall revenue was $4.2 billion, an 11% increase ($3.8 billion) from 2019. Net income rose 4% from $952 billion to $992 billion.
"In a year filled with unimaginable challenges, Garmin delivered record revenue and profits," said Cliff Pemble, Garmin president and CEO. "Strong demand for active lifestyle products fueled our growth, and we expect these trends to continue into 2021. I am very proud of what we have accomplished in 2020 and look forward to the opportunities and challenges of the new year."
For the quarter and year, Garmin's marine category grew the most year-over-year at 48% and 29% respectively.
