Garmin ticks higher on upbeat profit and margin forecast

Garmin

26/10/2022 14:15

** U.S.-listed shares of Swiss smartwatch and outdoor
equipment maker Garmin Ltd  GRMN.N  rise 0.7% in a weak broader
market to $85.5 premarket
    ** Q3 gross margin 58.8% vs 58.4% a year earlier
    ** Revenue slips 4% to $1.14 bln vs. est. of $1.21 bln -
Refinitiv  urn:newsml:reuters.com:*:nPn40zjn6a
    ** Gross margin expanded and operating margin remained solid
despite forex headwinds, says CEO Cliff Pemble
    ** Raises annual EPS forecast to $4.95 from $4.90, increases
gross margin forecast to 57.5% from 56.7%
    ** Lowers 2022 revenue forecast to $4.85 bln from $5 bln
    ** Up to last close, stock had fallen 38% YTD
 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))