OLATHE, Kan. (BRAIN) — Garmin's Fitness segment once again helped the company post an 11% year-over-year consolidated revenue increase in the second quarter.
Overall revenue for the period ending June 27 was $2.02 billion, compared with $1.81 billion at the same time last year. Revenue in Fitness, which includes cycling products, increased 25% to $757 million. In the first quarter, Garmin's Fitness revenue was $547 million, a 42% year-over-year increase.
The Fitness segment had growth across all product categories, but was primarily led by advanced wearable demand, according to Garmin. Gross and operating margins were 64% and 37%, respectively, resulting in $277 million of operating income.
Garmin's year-over-year net income for the second quarter increased 35%, from $401 million to $542 million, and earnings per share increased from $2.08 to $2.81. Garmin will raise its full-year guidance, anticipating revenue of about $8.05 billion.
During the quarter Garmin celebrated global running day and global cycling day by releasing its running and cycling data reports, highlighting how athletes globally record runs and rides.
Last week, Garmin announced the acquisition of TrainingPeaks and TrainHeroic platforms. Terms were not disclosed.
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.
