Garmin Ltd has released its results for the fiscal first quarter ended 31 March 2012. Total company revenue reached US$557 million, up 10% year on year from US$508 million in Q1 2011. All of Garmin’s business units – Automotive/Mobile, Outdoor, Fitness, Marine, Aviation – delivered growth in the period. Although, it was the Fitness segment that was the star performer in growth terms. It delivered a 26% year on year gain to reach US$71 million.
For the business overall, all geographies posted revenue growth. North America gained 6%, Asia was up 8% and Europe led the way with a 16% year on year gain in the period.
Drawing attention to its business highlights, Garmin noted that it had now ‘delivered the Forerunner 910XT, our much anticipated second generation triathlon?focused watch.’
“The first quarter of 2012 provided strong revenue performance as each of our business segments
contributed to 10% revenue growth,” said Dr Min Kao, Garmin’s Chairman and Chief Executive Officer.
Kao added, “The fitness segment posted revenue growth of 26% in the quarter as the much anticipated Forerunner 910XT, designed for multisport operation, began to ship. We believe the fitness category remains under?penetrated at both the high?end and low?end, which represent significant growth opportunities going forward. We intend to continue to innovate in both running and cycling to drive broader adoption of GPS technology across the price spectrum.”
Earlier this week, Garmin also announced that it has sold more than 100 million of its products to motorists, pilots, boaters, runners, cyclists, golfers, hikers, hunters and geocachers – who all depend on Garmin to help show the way.
“This is a tremendous milestone for Garmin. In just 23 years, we’ve gone from a startup company into one that is a global consumer brand – and one that continues to extend its reach by creating new markets and product categories that focus on location technology,” said Cliff Pemble, Garmin’s president and COO.
“It is our associates and customers who have made this achievement possible. Garmin is fortunate to have a global workforce that is passionate, able to dream big and execute successfully on those ideas. Our customers are also passionate about their Garmin devices, and the feedback they provide has been instrumental in delivering new products that make their activities safer, more successful, and more enjoyable.”
