Shares of Garmin Ltd. surged 5.5% following a stellar fourth-quarter performance, beating analyst expectations with an adjusted EPS of $1.72, surpassing the consensus of $1.40. The tech company reported revenue of $1.48B, outperforming the anticipated $1.41B, with a 13% increase in consolidated revenue year-over-year. The fitness sector saw a significant 22% growth. Garmin’s President and CEO, Cliff Pemble, expressed satisfaction with the financial results and highlighted plans for new product launches in 2024. Looking ahead, the company projects revenue of around $5.75B for the full year, signaling a 10% increase over 2023. These positive developments, along with a proposed dividend increase and a share repurchase program, have fueled investor confidence in Garmin’s future growth prospects in the tech market.
Garmin (NYSE: GRMN) Surges 5.5% on Strong Q4 Earnings and Record Revenue Projections, Switzerland
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