Continued rise in Fitness sales helps Garmin achieve 24% revenue growth in Q3

OLATHE, Kan. (BRAIN) — Fitness segment sales continue to boost Garmin’s growth across all categories as its year-over-year revenue in the third quarter increased 24%.

For the quarter ending Sept. 28, consolidated revenue was $1.59 billion, compared with $1.28 billion at the same time last year. Fitness revenue, which includes cycling product sales, grew 31% year-over-year to $464 million. President and CEO Cliff Pemble cited wearables demand as a factor for the growth.

During the quarter, Garmin updated its Garmin Coach platform with cycling training plans.

“We are raising our 2024 outlook based on the results we have achieved so far and the momentum we are experiencing as we enter the important holiday selling season,” Pemble said.

Year-over-year net income for the second quarter increased 55%, from $257 million to $399 million. Earnings per share increased from $1.34 to $2.08.

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.