Garmin Ltd. said revenues at its Outdoor segment grew 6 percent to $106.9 million in the second quarter compared to last year. The company's Fitness segment revenues increased 3 percent in the second quarter to $84.2 million.
The Outdoor segment saw growth driven by golf and dog tracking and training portfolios, while the Fitness segment was led by its latest cycling products, including the Edge 510 and 810, and the Forerunner 10.
“The second quarter of 2013 was highlighted by stronger than expected revenue performance across all segments,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “We were particularly pleased to generate revenue growth in each of our traditional markets. While our performance was strong in second quarter and we believe that the outlook for growth in 2013 for the traditional markets is positive, we also anticipate that declines in the PND market will continue to be a significant headwind. Third quarter will be particularly challenging as we compare against a period of strong prior year sell-in driven by the timing of new product introductions and end-of-life promotions. Given these factors, we are maintaining our full year revenue and EPS guidance. Longer term, our primary focus remains innovation that is expected to fuel sustained revenue and EPS growth.”
