OLATHE, Kan. (BRAIN) — Garmin Ltd. first-quarter revenue grew 11% year-over-year with the Fitness segment increasing 12% during the same period.
Demand for advanced wearables drove the Fitness growth. During the first quarter, the brand introduced Garmin Connect+, a premium plan offering personalized insights powered by artificial intelligence.
Consolidated revenue was $1.54 billion, compared with $1.38 billion at the same time last year. Year-over-year net income for the first quarter increased 21%, from $276 million to $333 million. Earnings per share increased from $1.44 to $1.73 year-over-year.
Fitness net sales, which includes cycling products, were $385 million, compared with $343 million at the same time last year. Outdoor segment sales increased 12% to $438 million.
"While recent developments in global trade have created an atmosphere of uncertainty for many companies, we remain optimistic because of the resilience and flexibility our vertically integrated and highly diversified business model offers," said President and CEO Cliff Pemble.
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.
