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Growth in fitness segment takes Garmin's Q2 revenues past US$1bn

By
Garmin has recorded quarterly revenues of more than US$1bn for the first time
The record earnings were helped by a 40 per cent increase in revenue from its fitness segment
During the quarter, Garmin launched its Forerunner 945 LTE, bringing real-time tracking features to its premium GPS running smartwatch
In total, Garmin reported Q2 revenues of US$1.33bn – up 53 per cent from the US$880m in 2020

Garmin has recorded quarterly revenues of more than US$1bn for the first time – helped by a 40 per cent increase in revenue from its fitness segment.

Reporting its Q2 2021 results, Garmin said the growth in its fitness arm was driven by strong demand for its cycling and advanced wearable products. As a result, operating income from its fitness business increased by 62 per cent.

During the quarter, Garmin launched its Forerunner 945 LTE, bringing real-time tracking features to its premium GPS running smartwatch.

Designed to add a safety element, the watch is designed to allow runners to send for help, if necessary, and stay connected without their phones.

In total, Garmin reported Q2 revenues of US$1.33bn – up 53 per cent from the US$880m recorded in Q2 2020.

As well as fitness and sports wearables and technology, Garmin provides GPS technologies across four other markets – outdoor, aviation, marine and automobiles.

Cliff Pemble, Garmin president and CEO, said: "Strong demand for active lifestyle products continued, and we experienced solid recovery within our aviation and auto segments resulting in record revenue and profits in the second quarter.

“We are very pleased with the results we have delivered thus far, giving us confidence to raise our full year 2021 revenue and EPS guidance.”

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FIT TECH News

Growth in fitness segment takes Garmin's Q2 revenues past US$1bn

By
Garmin has recorded quarterly revenues of more than US$1bn for the first time
The record earnings were helped by a 40 per cent increase in revenue from its fitness segment
During the quarter, Garmin launched its Forerunner 945 LTE, bringing real-time tracking features to its premium GPS running smartwatch
In total, Garmin reported Q2 revenues of US$1.33bn – up 53 per cent from the US$880m in 2020

Garmin has recorded quarterly revenues of more than US$1bn for the first time – helped by a 40 per cent increase in revenue from its fitness segment.

Reporting its Q2 2021 results, Garmin said the growth in its fitness arm was driven by strong demand for its cycling and advanced wearable products. As a result, operating income from its fitness business increased by 62 per cent.

During the quarter, Garmin launched its Forerunner 945 LTE, bringing real-time tracking features to its premium GPS running smartwatch.

Designed to add a safety element, the watch is designed to allow runners to send for help, if necessary, and stay connected without their phones.

In total, Garmin reported Q2 revenues of US$1.33bn – up 53 per cent from the US$880m recorded in Q2 2020.

As well as fitness and sports wearables and technology, Garmin provides GPS technologies across four other markets – outdoor, aviation, marine and automobiles.

Cliff Pemble, Garmin president and CEO, said: "Strong demand for active lifestyle products continued, and we experienced solid recovery within our aviation and auto segments resulting in record revenue and profits in the second quarter.

“We are very pleased with the results we have delivered thus far, giving us confidence to raise our full year 2021 revenue and EPS guidance.”

Sign up here to get Fit Tech's weekly ezine and every issue of Fit Tech magazine free on digital.
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