Garmin Smashes Third-Quarter Views
Garmin (GRMN), a maker of devices for outdoor recreation, fitness and navigation, on Wednesday handily beat analyst estimates for the third quarter and raised its outlook for the full year. Garmin stock rocketed on the news.
The Olathe, Kan.-based company earned an adjusted $1.99 a share on sales of $1.59 billion in the September quarter. Analysts polled by FactSet had expected earnings of $1.45 a share on sales of $1.44 billion. On a year-over-year basis, Garmin earnings rose 41% while sales increased 24%.
For the full year, Garmin now expects to earn an adjusted $6.85 a share on sales of $6.12 billion. Wall Street was modeling earnings of $6.10 a share on sales of $5.99 billion.
Its guidance implied fourth-quarter adjusted earnings of $1.86 a share on sales of $1.65 billion. Analysts were looking for Q4 earnings of $1.65 a share on sales of $1.63 billion.
Garmin's third-quarter results were fueled by a 31% increase in fitness device sales, which totaled nearly $464 million in the period.
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