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Garmin checks in with strong third quarter

by GPS4US 2013-11-01 14:35

For a three-month period that saw the announcement of exciting new products for the adventure and fitness oriented, Garmin reported strong third-quarter results this week. The GPS giant reported total revenue of $644 million with non-automotive/mobile segments of outdoor, fitness, aviation and marine making up 50 percent of that. Those markets grew 12 percent from third quarter 2012. Garmin also announced an operating margin of 24 percent, with 65 percent of operating profit coming from non-automotive/mobile segments. The company also generated $205 million of free cash flow in the third quarter. Over the third quarter, Garmin announced the VIRB and VIRB Elite action cameras – its first entry into the action camera market. It also improved its line for cyclists with the Edge Touring and Edge Touring Plus  cycling computers, and updated the Forerunner running watch.


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