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Garmin (GRMN) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
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Garmin (GRMN - Free Report) reported $1.28 billion in revenue for the quarter ended September 2023, representing a year-over-year increase of 12%. EPS of $1.41 for the same period compares to $1.24 a year ago.
The reported revenue represents a surprise of +5.81% over the Zacks Consensus Estimate of $1.21 billion. With the consensus EPS estimate being $1.29, the EPS surprise was +9.30%.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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- Marine: $182.25 million compared to the $179.05 million average estimate based on four analysts. The reported number represents a change of -7.3% year over year.
Net Sales- Aviation: $198.16 million compared to the $197.35 million average estimate based on four analysts. The reported number represents a change of +5.4% year over year.
Net Sales- Fitness: $352.98 million compared to the $283.40 million average estimate based on four analysts. The reported number represents a change of +26.1% year over year.
Net Sales- Outdoor: $434 million compared to the $456.11 million average estimate based on four analysts. The reported number represents a change of +27.5% year over year.
Net Sales- Auto OEM: $110.15 million compared to the $91.44 million average estimate based on four analysts. The reported number represents a change of +59.2% year over year.
Operating income- Outdoor: $136.40 million versus $132.67 million estimated by four analysts on average.
Operating income- Fitness: $74.61 million versus the four-analyst average estimate of $40.28 million.
Operating income- Marine: $23.85 million compared to the $38.76 million average estimate based on four analysts.
Operating income- Auto OEM: -$13.77 million compared to the -$15.19 million average estimate based on four analysts.
Gross profit- Fitness: $190.69 million compared to the $150.34 million average estimate based on four analysts.
Gross profit- Marine: $95.19 million compared to the $97.63 million average estimate based on four analysts.
Gross profit- Aviation: $148.36 million versus the four-analyst average estimate of $144.76 million.
Shares of Garmin have returned -1% over the past month versus the Zacks S&P 500 composite's -2.2% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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Garmin (GRMN) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
Garmin (GRMN - Free Report) reported $1.28 billion in revenue for the quarter ended September 2023, representing a year-over-year increase of 12%. EPS of $1.41 for the same period compares to $1.24 a year ago.
The reported revenue represents a surprise of +5.81% over the Zacks Consensus Estimate of $1.21 billion. With the consensus EPS estimate being $1.29, the EPS surprise was +9.30%.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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- Marine: $182.25 million compared to the $179.05 million average estimate based on four analysts. The reported number represents a change of -7.3% year over year.
- Net Sales- Aviation: $198.16 million compared to the $197.35 million average estimate based on four analysts. The reported number represents a change of +5.4% year over year.
- Net Sales- Fitness: $352.98 million compared to the $283.40 million average estimate based on four analysts. The reported number represents a change of +26.1% year over year.
- Net Sales- Outdoor: $434 million compared to the $456.11 million average estimate based on four analysts. The reported number represents a change of +27.5% year over year.
- Net Sales- Auto OEM: $110.15 million compared to the $91.44 million average estimate based on four analysts. The reported number represents a change of +59.2% year over year.
- Operating income- Outdoor: $136.40 million versus $132.67 million estimated by four analysts on average.
- Operating income- Fitness: $74.61 million versus the four-analyst average estimate of $40.28 million.
- Operating income- Marine: $23.85 million compared to the $38.76 million average estimate based on four analysts.
- Operating income- Auto OEM: -$13.77 million compared to the -$15.19 million average estimate based on four analysts.
- Gross profit- Fitness: $190.69 million compared to the $150.34 million average estimate based on four analysts.
- Gross profit- Marine: $95.19 million compared to the $97.63 million average estimate based on four analysts.
- Gross profit- Aviation: $148.36 million versus the four-analyst average estimate of $144.76 million.
View all Key Company Metrics for Garmin here>>>Shares of Garmin have returned -1% over the past month versus the Zacks S&P 500 composite's -2.2% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.