Garmin Ltd. reported total revenue in the third quarter reached $870 million, up 19% from $729 million in third quarter 2007, led by strong performance by its outdoor/fitness segment, where revenue rose 35% to $119 million.
Specific growth drivers for the segment included the Colorado series, the Forerunner 405, the Edge 705, and the Oregon series, which was released in the third quarter. “We believe this category will continue to perform well during the holidays due to the gift appeal of both the outdoor and fitness products,” said Dr. Min Kao, chairman and CEO.
Due to the continued deterioration of the economic conditions, its impact on consumers worldwide, and the continued weakening of the Euro against the US dollar, Garmin lowered its full-year 2008 guidance.
It said revenues growth for its outdoor/fitness segment would slow to 25%, while revenues would grow 12% and 7% at its automotive/mobile and aviation segments.