OLATHE, Kan. (BRAIN) — Garmin Ltd. revenue increased 7% year-over-year, aided by a slight jump in fitness sales driven by cycling and wearable products. However, it's the first earnings report since Q2 last year in which Garmin didn't record double-digit revenue growth.
Total revenue for the quarter ending Sept. 25 was $1.19 billion, rising from $1.11 billion. Fitness revenue, which includes cycling products, grew 4%, from $328 million to $342 million. Net income dropped from $313 million in Q3 last year to $259 million. Earnings per share also went down, from $1.64 to $1.35 during the same period.
Garmin announced during the quarter a collaboration with Dexcom, a developer, manufacturer, and distributor of glucose monitoring systems for diabetes management. Garmin will provide consumers who have Type 1 and Type 2 diabetes a way to quickly see glucose levels and trends with a compatible Garmin cycling computer or smartwatch.
"I am very pleased with our performance in the quarter as we are now comparing against the robust pandemic-driven growth from the prior year," said Cliff Pemble, Garmin president and CEO.
Based on the year's first three quarters, Garmin said it will update its full-year guidance, with anticipated revenue of about $4.95 billion and projected growth in all segments.
Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quote at Marketwatch.com.
