GRMN - Why Garmin Stock Popped After Earnings
2023-11-01 11:54:13 ET
Shares jumped after Garmin (NYSE: GRMN) announced its third-quarter earnings this morning. The maker of GPS-enabled wearables and other outdoor activity instruments presented strong quarterly results that led investors to jump into the stock.
After spiking as much as 12.5%, Garmin shares held on to a gain of 10.5% as of 11:15 a.m. ET.
With four of its five segments reporting record third-quarter revenue, and optimism for sales during the upcoming holiday season, management said it now expects higher full-year 2023 revenue and earnings per share than previous guidance. The company also generated more than twice the free cash flow than it needed to pay its quarterly dividend. That's what income investors want to see . It's likely contributing to the stock move, as it implies the dividend is safe and could grow.
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Why Garmin Stock Popped After Earnings