Garmin Stock News

Though far from the most highly anticipated report of the ongoing earnings season, Garmin's (NYSE: GRMN) report, posted on October 30, might have turned out to be the most exciting.

Garmin is growing incredibly quickly in the watch market.

Shares of Garmin (GRMN) skyrocketed Wednesday, touching record highs, as the navigation and communication equipment maker easily beat profit and sales estimates and offered investors a positive outlook.

Garmin Ltd. (NYSE:GRMN ) Q3 2024 Results Conference Call October 30, 2024 10:30 AM ET Company Participants Teri Seck - Manager, IR Cliff Pemble - President, CEO & Director Doug Boessen - CFO & Treasurer Conference Call Participants Ben Bollin - Cleveland Research Erik Woodring - Morgan Stanley Ivan Feinseth - Tigress Financial Partners Jordan Lyonnais - Bank of America Noah Zatzkin - KeyBanc Ca...

Garmin surprised investors with a blowout quarter and increased guidance.

Garmin Ltd (NYSE:GRMN) shares rallied over 20% on Wednesday after it hiked guidance on better-than-expected profit and revenue during the third quarter. Net sales climbed by 24% to $1.59 billion in the three months to September, Garmin reported, exceeding LSEG-compiled consensus estimates for $1.44 billion.

The navigation device maker easily beats quarterly earnings and revenue estimates.

Garmin raised its full-year profit and revenue forecasts on Wednesday, expecting a slew of launches of wearable products ahead of the holiday season to drive demand further, sending the company's shares up 9.5% in premarket trading.