The coronavirus pandemic sparked interest in its products for boating, fitness and outdoor activities, the company said Wednesday.
Garmin shares traded at $102.53, up 3.98%, in premarket trading. The stock has risen 1% year to date through Tuesday.
Revenue was $1.11 billion in the third quarter, up 19% from $934.4 million in the year-ago quarter. Analysts expected revenue of $892 million for the latest quarter.
Marine-related sales surged 54%, fitness-related sales jumped 35% and outdoor activity-related sales were up 30%.
Net income soared to $313.4 million, or $1.63 a share, in the third quarter from $227.9 million, or $1.19 a share, last year. Adjusted profit reached $1.58 a share, topping analysts’ estimates.
“Demand for active lifestyle products fueled strong revenue growth resulting in record revenue and profits for the quarter,” Garmin CEO Cliff Pemble said in a statement. “Interest in our products remains high as we move into the important holiday selling season.”