OLATHE, Kan. (BRAIN) — Led by the Fitness segment's double-digit growth, Garmin Ltd. second-quarter revenues increased 14% compared to the same period last year.
For the quarter ending June 29, Garmin reported sales of $1.51 billion with operating income increasing 20% to $342 million.
Fitness segment revenue, which includes cycling product sales, was $428 million, a 28% year-over-year increase. During the quarter, Garmin released the Edge 1050 cycling computer featuring a color touchscreen display, built-in speaker for audible feedback, and Garmin Pay contactless payment capability.
Year-over-year net income for the second quarter increased 4.4%, from $288 million to $301 million. Earnings per share increased from $1.51 to $1.57.
Outdoor segment revenue decreased 2% to $440 million, which Garmin said was because adventure watch sales declined.
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.
