Garmin Reports Third Quarter Results, Cycling Still Up

Garmin Ltd. today announced results for the third quarter ended September 26.

“Interest in our products remains high as we move into the important holiday selling season, and we are prepared with a strong lineup of products that offer the innovation and uniqueness that consumers want.”

Total revenue of over $1.1 billion, a 19% year-over-year increase, led by robust growth in marine, fitness and outdoor. Gross margin and operating margin were 60.2% and 28.6%, respectively. Operating income of $317 million, increasing 21% over the prior year quarter.

Revenue from the fitness segment grew 35% in the third quarter driven by strong demand for advanced wearables and cycling products. Gross margin and operating margin were 54% and 27%, respectively, resulting in 75% operating income growth. In this time, Garmin launched the Garmin Clipboard^™ app that offers an integrated solution for coaches to manage team training and performance.

Well then. Edge 530 Plus next spring? Please?