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Text size Garmin. which makes satellite devices, is not so upbeat about the rest of the year. George Frey/Bloomberg Navigation device maker Garmin is now less upbeat about its future. Garmin (ticker: GRMN), which makes autopilot systems that can self-land planes among other things, lowered its expectation for full-year earnings and revenue when it released its quarterly results Wednesday.Its full-year adjusted earnings are anticipated to be $4.90 per share, a fall from the $5.90 it predicted in February and reaffirmed in April. The consensus among analysts was for $5.86 per share, according to FactSet.The company now anticipates revenue of approximately $5 billion, an estimate that also fell short of management’s previous guidance and the $5.37 billion consensus on the Street.Shares fell by 8.6% to $93.85 during Wednesday’s intraday trading.Garmin said the guidance was adjusted due to its performance in the first half of the year. The tech company generated adjusted earnings of $1.44 per share on revenue of $1.24 billion in the latest quarter, which ended in June. Analysts were expecting $1.44 per share on $1.34 billion revenue. Write to Karishma Vanjani at karishma.vanjani@dowjones.com
George Frey/Bloomberg
Navigation device maker
Garmin is now less upbeat about its future.
Garmin (ticker: GRMN), which makes autopilot systems that can self-land planes among other things, lowered its expectation for full-year earnings and revenue when it released its quarterly results Wednesday.
Its full-year adjusted earnings are anticipated to be $4.90 per share, a fall from the $5.90 it predicted in February and reaffirmed in April. The consensus among analysts was for $5.86 per share, according to FactSet.
The company now anticipates revenue of approximately $5 billion, an estimate that also fell short of management’s previous guidance and the $5.37 billion consensus on the Street.
Shares fell by 8.6% to $93.85 during Wednesday’s intraday trading.
Garmin said the guidance was adjusted due to its performance in the first half of the year. The tech company generated adjusted earnings of $1.44 per share on revenue of $1.24 billion in the latest quarter, which ended in June. Analysts were expecting $1.44 per share on $1.34 billion revenue.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com
Source: https://www.barrons.com/articles/garmin-stock-price-earnings-51658929876?siteid=yhoof2&yptr=yahoo