Outdoor recreation, fitness and navigation device maker Garmin (GRMN) on Wednesday beat analyst estimates for the fourth quarter. It also revealed a proposed dividend increase and share buyback plan. Garmin stock rose in early trading.
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The Olathe, Kan.-based company earned an adjusted $1.72 a share on sales of $1.48 billion in the December quarter. Analysts polled by FactSet had expected Garmin earnings of $1.40 a share on sales of $1.42 billion. In the year-earlier period, Garmin earned an adjusted $1.35 a share on sales of $1.31 billion.
For the year ahead, Garmin predicted adjusted earnings of $5.40 a share on sales of $5.75 billion. Wall Street was modeling earnings of $5.56 a share on sales of $5.56 billion in 2024. In 2023, Garmin earned an adjusted $5.59 a share, up 9% year over year, on sales of $5.23 billion, up 8%.
Earnings report details to follow.
Garmin Stock Pops After Report
In premarket trading on the stock market today, Garmin stock jumped 5% to 128.89.
Ahead of the earnings news, Garmin stock had formed a flat base with a buy point of 129.32, according to IBD MarketSmith charts.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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Garmin Stock Rises On Q4 Beat, Dividend Hike
