Garmin, the world leader in satellite navigation, has just announced its financial results for the third quarter of 2014, a period during which it achieved a turnover of 706 million dollars. This figure confirms the strength of the company which, with a growth of 10% compared to the analogous quarter of the previous year, continues to record a marked growth trend.
The Fitness division stood out significantly, with growth of 43%. The Outdoor and Aviation divisions recorded a more than notable increase of 19%, while the Marine division recorded a 12% increase. Automotive is the only sector in which results did not increase, showing stability with respect to the third quarter of 2013.
"The good results obtained at the beginning of 2014 have not only been maintained throughout the year, but have even improved," explains Salvador Alcover, General Manager of Garmin Iberia. "The turnover data reflect a sustained growth trend that cannot be understood without our firm commitment to innovation and product diversification, which in turn allows us to maintain a leading position in the market," adds Alcover.
Sector by sector
In terms of turnover by areas, the company recorded positive figures in practically all of them, ratifying Garmin s strength in each of the sectors and the good response that users have shown to the new products presented.
Fitness is the area with the highest growth, 43% over the same period of the previous year, which represents a turnover of more than 116 million dollars. It is followed by Outdoor and Aviation, with a significant increase of 19% and sales of $121 million and $99 million, respectively. Close behind is the Marine division, which increased by 12% in the third quarter, with sales of more than 62 million dollars.
Finally, Automotive is the only sector to close the quarter with a slight decline of 5 compared to the analogous period of 2013, although it remains the division with the highest volume of revenues, at over $307 million.
Third-quarter 2013 milestones
During this period, the company launched innovative devices that have been successfully received by users from the outset.
In Fitness, the new Vívofit? activity tracking wristband has been largely responsible for the good results obtained. This functional and versatile device is designed to accompany users in their daily activity, monitoring their results and helping them to achieve personalized goals, thus acquiring healthy habits and keeping them active on a daily basis.
In Outdoor, one of the main protagonists was the Garmin Fenix 2, the revolutionary multisport watch with GPS technology. Also noteworthy was the arrival of Approach® S6, an improved version of the popular smartwatch with GPS specifically for golfing. The Virb? action camera continued to be another of the company's star products, winning a variety of awards and recognitions.
In the Marine division, it is worth noting the acquisition of Fusion® Electronics, in parallel with the ongoing commitment to expand and optimize the wide range of products available, be they multifunction systems, sounders, radars, autopilots...
Looking ahead to the final period of the year, the company will continue to work tirelessly to create and launch innovative products in each of its areas, in addition to developing significant marketing actions and new acquisitions. All this to continue demonstrating that, with 25 years of experience, Garmin is the leading company in satellite navigation.
