By Toby Hill
OLATHE, Kan. (BRAIN) — Garmin reported Wednesday that fourth-quarter revenue rose 3 percent to $888 million driven by sales of outdoor, marine and aviation products. Revenue for the full fiscal year totaled $3.09 billion, up 2 percent.
The company’s fitness segment, which includes cycling products, saw revenue tick up 1 percent during the quarter following declines the preceding three quarters. President and CEO Cliff Pemble said during an earnings call Wednesday that fitness revenue for the full year declined 7 percent “driven by the rapidly maturing market for basic activity trackers.”
For 2018, Garmin is forecasting that fitness revenue will be flat “as growth in advanced wearables, cycling and children’s trackers is offset by further declines in basic activity trackers,” Pemble said.
For the fourth quarter, Garmin’s operating income rose 12 percent to $179 million. Full-year operating income totaled $669 million, up 7 percent.