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Garmin reported slightly higher third quarter 2012 revenue thanks to a rise in outdoor sales, despite a drop in fitness sales.
The GPS technology and product company reported its total revenue up 1 percent to $672 million for the third quarter, while its quarterly net profit grew to $145.8 million versus $137.6 million a year ago.
Garmin’s outdoor revenue led its third-quarter growth — up 11 percent to $105 million. The company’s golf instruments, dog tracking and training products, and new Fenix GPS watch led the increase.
On the flip side, Garmin’s fitness sector fell 6 percent to $65 million in the third quarter. Even though its fitness cycling and multi-sport sales were up in the category, running watch sales declined due to a difference in product launch timing, officials said. A year ago, Garmin was aggressively promoting and selling the higher-end Forerunner 305 and 610, whereas this year, its new entry-level Forerunner 10 debuted later.
“We remain confident that the fitness market will continue to offer growth opportunities in 2013 and beyond,” officials said in Garmin’s earnings release, Oct. 31.
In Garmin’s other product categories, automotive/mobile sales remained flat at $384 million, aviation increased 3 percent to $73 million, and marine fell 7 percent to $45 million.
By region, Garmin reported sales up 19 percent in the Asia/Pacific to $57 million and up 8 percent in the Americas to $352 million. Garmin’s European/African sales fell 13 percent to $225 million on continuing economic stress in Europe.