GRMN - Why Garmin Stock Jumped 10% Today
2024-02-21 12:30:14 ET
Garmin (NYSE: GRMN) stock was the leading gainer in the S&P 500 index in early trading today. The maker of wearables and other fitness and outdoor activity devices delivered a fourth-quarter and full-year earnings report that even beat its own expectations.
Garmin shares were trading near the day's high, up by 10.9% at 11:10 a.m. ET. The stock has risen more than 40% over the past year.
Garmin began 2023 telling investors that revenue was likely going to be flat for the year. But its estimates for sales and earnings per share (EPS) grew as the year progressed. Revenue projections increased from $5 billion to $5.15 billion by the third quarter. But today the company reported revenue of $5.23 billion after a strong fourth quarter.
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Why Garmin Stock Jumped 10% Today