OLATHE, Kan. (BRAIN) — Garmin Ltd. first-quarter revenue decreased 2% year-over-year despite its Fitness segment revenue increasing 11%.
Overall company revenue was $1.15 billion for the period ending April 1, compared with $1.17 billion at the same time last year. Fitness revenue — including bike GPS head units and accessories, power meter pedals, and Tacx stationary trainers — was $245 million, compared with $221 million at the same time last year.
Fitness' growth was responsible for increased consumer demand for advanced wearables, said Garmin President and CEO Cliff Pemble. During the quarter, Garmin launched the Forerunner 265 and Forerunner 965, its first running smartwatches to offer sunlight-readable displays. The Forerunners combine advanced training metrics, recovery insights, and everyday health stats with the AMOLED display without sacrificing battery life, the company says.
Four of Garmin's five segments reported double-digit growth in the first quarter, with only the Outdoor segment revenue decreasing 27%.
Year-over-year net income for the first quarter decreased 4.7%, from $212 million to $202 million. Earnings per share decreased from $1.10 to $1.06 year-over-year.
Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quotes are available at Marketwatch.com.
