Garmin Ltd. (NYSE:GRMN ) Q3 2024 Results Conference Call October 30, 2024 10:30 AM ET Company Participants Teri Seck - Manager, IR Cliff Pemble - President, CEO & Director Doug Boessen - CFO & Treasurer Conference Call Participants Ben Bollin - Cleveland Research Erik Woodring - Morgan Stanley Ivan Feinseth - Tigress Financial Partners Jordan Lyonnais - Bank of America Noah Zatzkin - KeyBanc Capital Markets George Wang - Barclays Operator Thank you for standing by, and welcome to the Garmin Limited Third Quarter 2024 Conference Call.
Garmin surprised investors with a blowout quarter and increased guidance.
While the top- and bottom-line numbers for Garmin (GRMN) give a sense of how the business performed in the quarter ended September 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Garmin Ltd (NYSE:GRMN) shares rallied over 20% on Wednesday after it hiked guidance on better-than-expected profit and revenue during the third quarter. Net sales climbed by 24% to $1.59 billion in the three months to September, Garmin reported, exceeding LSEG-compiled consensus estimates for $1.44 billion.
Garmin (GRMN) came out with quarterly earnings of $1.99 per share, beating the Zacks Consensus Estimate of $1.46 per share. This compares to earnings of $1.41 per share a year ago.
The navigation device maker easily beats quarterly earnings and revenue estimates.
Garmin raised its full-year profit and revenue forecasts on Wednesday, expecting a slew of launches of wearable products ahead of the holiday season to drive demand further, sending the company's shares up 9.5% in premarket trading.
Evaluate the expected performance of Garmin (GRMN) for the quarter ended September 2024, looking beyond the conventional Wall Street top-and-bottom-line estimates and examining some of its key metrics for better insight.
In the most recent trading session, Garmin (GRMN) closed at $162.30, indicating a +0.23% shift from the previous trading day.
Garmin (GRMN) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The latest trading day saw Garmin (GRMN) settling at $167.58, representing a +0.64% change from its previous close.
GRMN's growth prospects, supported by a strong and innovative product portfolio, make the stock attractive for investors.