Saturday December 9, 2023

Garmin’s Record Quarter Boosted By Sports Watches

Copy Link
Link Copied
Link Copied

Garmin reported a record $1.17 billion in first-quarter revenue, a 9% year-over-year increase from $1.07 billion. 

Despite it being a record quarter, Garmin’s fitness segment fell 28% from $308.1 million to $220.9 million, which the company attributed to “the normalization of demand for cycling products from the pandemic-driven levels in the prior year.”

Gross profit for the segment reached $106.2 million, a decrease from the $173.5 million reported the same quarter last year. Fitness’ operating income for Q12022 was $580,000 compared to last year’s $70.7 million.

Strong demand for outdoor adventure watches helped spike 50% revenue growth for the technology company’s outdoor segment, reaching $384.6 million. Operating income for the segment reached $149 million.

  • In January, Garmin announced “sweeping updates” to its flagship multisport fēnix smartwatch series.
  • The fēnix 7 Series has a touch screen, protective button guards, new training features, and solar charging.
  • It also offers 24/7 health and wellness tools including Pulse Ox, Body Battery, Fitness Age, and Sleep Score.

Tracking Segments

The company’s marine division recorded $254.1 million in revenue and unveiled LiveScope Plus during the quarter, a high-resolution sonar for recreational fishing. Fishing pro Jason Christie, whom Garmin sponsors, won the 2022 Bassmaster Classic in March.

Revenue for Garmin’s two other segments — aviation and auto — reached $174.8 million and $138.3 million, respectively. Fitness was the only segment that saw a revenue decline.

Copy Link
Link Copied
Link Copied

What to Read

Nick Saban highest paid college football head coach.

Who Is Highest-Paid Coach in College Football?

Saban remains atop highest-paid head coaches getting over $11 million annually.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.

How Daktronics Helps Elite Athletic Programs Secure Top Talent

How colleges are utilizing Daktronics’ displays to elevate recruiting.

WBD Pursues ‘Different’ Strategy For Sports on Max

Company to place all of its live sports on new streaming tier
podcast thumbnail mobile
Front Office Sports Today

Golf World in Chaos After Jon Rahm Joins LIV


Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? “AG’s Office Has Not Expressed Interest In Pursuing”

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference’s future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin’s interaction with the player behind lawsuit.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple Locations
Multiple Locations
Creative Artists Agency
Multiple Locations
The Los Angeles Chargers are leaning into their Hollywood home to promote Disney's upcoming movie.

AI Robots Take Seats At NFL Game

Disney used SoFi Stadium to promote its upcoming science fiction movie.
Both executive see Apple's headset impacting sports viewing.
July 14, 2023

Bob Iger, Adam Silver Promote Apple Vision Pro’s Impact on Sports

Both executives envision Apple’s headset impacting sports viewing.

MLS’ Chris Schlosser on Pioneering the Digital-First Sports League with AI

Chris Schlosser discusses MLS’s growth and digital transformation.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
The NFHS will begin allowing electronic communication in high school baseball.
July 7, 2023

PitchCom Extends to High School Baseball After MLB Success

An NFHS rule change opens PitchCom up to high school baseball.
The company signed a 20-year, $700M arena naming rights deal in 2021.
June 9, 2023

Crypto.Com Suspends US Institutional Exchange Amid SEC Crypto Crackdown has a 20-year, $700M arena naming rights deal.
June 5, 2023

Apple Looks to Upend Sports Watching with Mixed Reality Headset

Apple unveiled its mixed reality headset, the Apple Vision Pro.
April 19, 2023

UFC to Stream Fights in 8K Through Dome Theatres

Cosm’s first 8K video viewing venue will open next year in Los Angeles.