By Dean Seal
Shares of Garmin hit a 52-week high after the company said it expects stronger 2023 results and reported higher third-quarter results than Wall Street analysts had expected.
The stock rose 12% to a high of $115.32 in early trading. Shares have gained 24% so far this year and are on pace for their largest single-day increase since February 2019.
The maker of GPS-enabled devices said it expects to log adjusted earnings of $5.25 a share on revenue of about $5.15 billion for 2023. Analysts surveyed by FactSet had been forecasting for $5.19 a share on $5.05 billion in revenue.
For the third quarter, Garmin posted a profit of $257.2 million, or $1.34 a share, compared with $210.8 million, or $1.09 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $1.41 a share. Analysts polled by FactSet had been expecting $1.28 a share.
Sales climbed to $1.28 billion from $1.14 billion in the year-ago quarter, above forecasts for $1.21 billion, according to FactSet.
Write to Dean Seal at [email protected]
Read the full article here