GRMN - Why Garmin Stock Was Crushing It This Week
2024-05-03 08:18:06 ET
Longtime GPS technology specialist Garmin (NYSE: GRMN) was charting a clear path to stock price growth over the past few days. It posted first-quarter results that obliterated the modest estimates concocted by analysts, and was rewarded for doing so by an investor rush into its shares. They were on a happy rise, advancing by over 15% week to date as of Friday early morning, data compiled by S&P Global Market Intelligence reveal.
Garmin reported its latest earnings results on Wednesday, and the report was a doozy. The company managed to increase its consolidated revenue by 20% year over year to $1.38 billion, and crank generally accepted accounting principles ( GAAP ) net income even higher -- it rose by 37% to almost $276 million ($1.42 per share).
Those numbers were far above what prognosticators were forecasting for the quarter. Collectively, their revenue estimate was $1.25 billion, and that for net income was only $1 per share.
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Why Garmin Stock Was Crushing It This Week