Garmin jumps on FY sales forecast raise, Q3 beat

Garmin

01/11/2023 14:24

** Navigation equipment maker Garmin's shares  GRMN.BN  rise
nearly 10.62% to $113.32 following Q3 results 
    ** Co raises annual sales forecast ahead of crucial holiday
shopping period as strength in its auto and fitness businesses
help beat Q3 revenue estimates 
    ** GRMN sees FY 2023 revenue of $5.15 bln and adjusted
earnings of $5.25 per share vs earlier forecast of $5.05 bln in
revenue and adjusted earnings of $5.15 per share
    ** Q3 revenue rose 12% to $1.28 bln, compared with analysts'
estimate of $1.21 bln, according to LSEG
    ** "Looking ahead, we are well-positioned for the holiday
selling season with a strong lineup of innovative products which
gives us confidence to raise our outlook for the remainder of
the year," says CEO Cliff Pemble
    ** Garmin's auto original equipment manufacturers segment
grew by 59% to $110.2 mln; fitness business increased by 26% to
$353 mln
    ** Up to Tuesday's close, stock had risen 11.1% YTD

 (Reporting by Juby Babu in Bengaluru)
 ((Juby.Babu@thomsonreuters.com;))