Garmin (NYSE:GRMN – Get Free Report) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 6.850-6.850 for the period, compared to the consensus earnings per share estimate of 6.080. The company issued revenue guidance of $6.1 billion-$6.1 billion, compared to the consensus revenue estimate of $6.0 billion. Garmin also updated its FY24 guidance to $6.85 EPS.
Garmin Stock Down 0.0 %
GRMN opened at $166.27 on Wednesday. Garmin has a twelve month low of $99.99 and a twelve month high of $184.42. The company has a 50-day moving average price of $172.91 and a 200 day moving average price of $166.75. The company has a market cap of $31.94 billion, a PE ratio of 23.45, a price-to-earnings-growth ratio of 2.81 and a beta of 0.99.
Garmin (NYSE:GRMN – Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the firm earned $1.45 EPS. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. As a group, sell-side analysts expect that Garmin will post 6.08 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Read Our Latest Stock Analysis on GRMN
Insider Activity
In other news, Director Philip Straub sold 2,750 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Philip Straub sold 2,750 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,892 shares of company stock valued at $2,296,174 in the last 90 days. Company insiders own 19.54% of the company’s stock.
About Garmin
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.
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