Garmin soars to record high after cheery 2025 forecast, dividend hike
19/02/2025 19:32
(Updates, adds dividend info)
** Garmin's GRMN.N stock soars 14.8% to record high $246.50
and is among top S&P 500 performers on Weds after Swiss
navigation device maker's 2025 forecast topped Wall Street
expectations, and plans to hike its dividend by 20%
** GRMN last up 12.6% at $241.81, set for biggest one-day pct
advance since 23% gain on Oct 30, after co's strong Q3 report
** Early Weds, co forecast 2025 rev and profits above consensus,
betting on continued momentum in its outdoor and auto OEM
segments
** For Dec qtr, it posted rev of $1.82 bln and adj EPS of
$2.41, above LSEG estimates of $1.7 bln/$2.03
** Also, co said board plans to recommend shareholders approve
annual dividend of $3.60/sh (90 cents qtrly), up from the
current $3.00/sh payout (75 cents qtrly)
** Of 10 analysts covering GRMN, recommendation breakdown is
3 "strong buy" or "buy", 4 "hold" and 3 "sell" ratings - LSEG
** Median PT of $183.06 up from $164 three months ago
** With move on the session, shares up ~15% YTD and have
nearly doubled over the past 12 months
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))