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Garmin (GRMN) Reports Q1 Earnings: What Key Metrics Have to Say
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For the quarter ended March 2024, Garmin (GRMN - Free Report) reported revenue of $1.38 billion, up 20.4% over the same period last year. EPS came in at $1.42, compared to $1.02 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $1.24 billion, representing a surprise of +11.63%. The company delivered an EPS surprise of +42.00%, with the consensus EPS estimate being $1.00.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Garmin performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- Aviation: $216.86 million versus the three-analyst average estimate of $217.83 million. The reported number represents a year-over-year change of +1.5%.
Net Sales- Auto OEM: $128.97 million versus the three-analyst average estimate of $116.97 million. The reported number represents a year-over-year change of +58.3%.
Net Sales- Marine: $326.74 million versus the three-analyst average estimate of $292.80 million. The reported number represents a year-over-year change of +17.1%.
Net Sales- Fitness: $342.89 million compared to the $268.59 million average estimate based on three analysts. The reported number represents a change of +40.1% year over year.
Net Sales- Outdoor: $366.19 million compared to the $341.56 million average estimate based on three analysts. The reported number represents a change of +11.4% year over year.
Operating income- Outdoor: $106.95 million compared to the $87.10 million average estimate based on three analysts.
Operating income- Fitness: $68.13 million versus the three-analyst average estimate of $40.16 million.
Operating income- Marine: $87.69 million versus the three-analyst average estimate of $40.66 million.
Operating income- Auto OEM: -$16.50 million compared to the -$12.82 million average estimate based on three analysts.
Gross profit- Fitness: $194.80 million versus the three-analyst average estimate of $144.05 million.
Gross profit- Marine: $179.25 million compared to the $154.32 million average estimate based on three analysts.
Gross profit- Aviation: $162.63 million compared to the $160.54 million average estimate based on three analysts.
Shares of Garmin have returned -0.9% over the past month versus the Zacks S&P 500 composite's -4.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Garmin (GRMN) Reports Q1 Earnings: What Key Metrics Have to Say
For the quarter ended March 2024, Garmin (GRMN - Free Report) reported revenue of $1.38 billion, up 20.4% over the same period last year. EPS came in at $1.42, compared to $1.02 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $1.24 billion, representing a surprise of +11.63%. The company delivered an EPS surprise of +42.00%, with the consensus EPS estimate being $1.00.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Garmin performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Sales- Aviation: $216.86 million versus the three-analyst average estimate of $217.83 million. The reported number represents a year-over-year change of +1.5%.
- Net Sales- Auto OEM: $128.97 million versus the three-analyst average estimate of $116.97 million. The reported number represents a year-over-year change of +58.3%.
- Net Sales- Marine: $326.74 million versus the three-analyst average estimate of $292.80 million. The reported number represents a year-over-year change of +17.1%.
- Net Sales- Fitness: $342.89 million compared to the $268.59 million average estimate based on three analysts. The reported number represents a change of +40.1% year over year.
- Net Sales- Outdoor: $366.19 million compared to the $341.56 million average estimate based on three analysts. The reported number represents a change of +11.4% year over year.
- Operating income- Outdoor: $106.95 million compared to the $87.10 million average estimate based on three analysts.
- Operating income- Fitness: $68.13 million versus the three-analyst average estimate of $40.16 million.
- Operating income- Marine: $87.69 million versus the three-analyst average estimate of $40.66 million.
- Operating income- Auto OEM: -$16.50 million compared to the -$12.82 million average estimate based on three analysts.
- Gross profit- Fitness: $194.80 million versus the three-analyst average estimate of $144.05 million.
- Gross profit- Marine: $179.25 million compared to the $154.32 million average estimate based on three analysts.
- Gross profit- Aviation: $162.63 million compared to the $160.54 million average estimate based on three analysts.
View all Key Company Metrics for Garmin here>>>Shares of Garmin have returned -0.9% over the past month versus the Zacks S&P 500 composite's -4.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.