Garmin's (GRMN) Q3 Earnings and Revenues Beat Estimates
Garmin, Ltd. GRMN is an original equipment manufacturer (OEM) of navigation and communication equipment that incorporate the global positioning system (GPS)-based technology.
Garmin is currently riding high on product line expansion. Recently, the company launched vívofit jr., the company’s first wearable and companion mobile application for kids, and fenix Chronos , a luxury activity watch. This is helping the company to add device and recurring service revenues to the fitness and outdoor segment.
Management focuses on continued innovation diversification and market expansion to explore growth opportunities in all business segments.
Due to this, investors are eagerly awaiting Garmin’s earnings report in order to set the record straight and to give some guidance on where this company is heading and are these factors effectively contributing.
Over the past month, the stock has witnessed no estimate revisions for the third quarter 2016.
Currently, Garmin has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: GRMN reported earnings of 75 cents which exceeded The Zacks Consensus Estimate of 53 cents.
Revenue: Garmin beats on revenues. It posted revenues of $722.3 million, compared to our consensus estimate of $678.0 million.
Key Stats: The company’s top-line performance was mainly driven by its fitness, outdoor, marine and aviation products.
Stock Price: GRMN shares were up 7.37% in the pre-market session at 7.48 AM EDT.
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