OLATHE, Kan. (BRAIN) — Demand for fitness products helped Garmin Ltd. report record consolidated revenue for the second quarter, and the company also announced the acquisition of MYLAPS, a Dutch integrated timing company for running, cycling, and motorsports.
For the period ending June 28, revenue increased 20% to $1.81 billion, compared with $1.51 billion at the same time last year. Fitness net sales, which includes cycling products, increased 41% to $605 million, compared with $428 million at the same time last year. Garmin said the fitness growth was because of strong demand for advanced wearables.
In addition to integrated timing, MYLAPS provides live tracking and performance analysis tools. It has operations in North America, Europe, Asia, and Australia. It supports brands and race management companies globally. MYLAPS also provides timing for equine competitions.
"We are excited to bring MYLAPS and their trusted timing technologies into the Garmin family and believe the combination will transform the competitive experience for our passionate customers," said Brad Trenkle, Garmin co-chief operating officer. "Together, we look forward to setting a new standard for performance-focused training and race-day technology."
Financial terms were not disclosed.
"Since 1982, MYLAPS has been a global leader in sports technology, inventing automatic sports timing and revolutionizing how athletes, racers, and events measure performance. We are excited to team up with Garmin to bring unparalleled training, timing and event management solutions to its extensive global community of performance-minded customers," said Camiel Slaats, MYLAPS managing director.
MYLAPS is headquartered in Haarlem, the Netherlands, and globally employs more than 200 full-time associates.
Garmin's year-over-year net income for the first quarter increased 33%, from $301 million to $401 million and earnings per share increased from $1.57 to $2.08. It is raising full-year guidance, anticipating revenue of about $7.1 billion.
Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quote on Nasdaq.
