- Garmin Ltd GRMN reported a third-quarter FY22 revenue decline of 4% year-on-year to $1.14 billion, missing the consensus of $1.20 billion.
- Revenue from Fitness declined 18% Y/Y to $279.88 million, Outdoor rose 5% Y/Y to $340.39 million, Aviation improved 4% Y/Y to $188.04 million, Marine declined 5% Y/Y to $196.51 million, and Auto sales fell 2% Y/Y to $135.62 million.
- Margins: The gross margin expanded 40 bps to 58.8%. The operating margin contracted 270 bps to 21% as expenses increased 4.3% Y/Y.
- Proforma EPS of $1.24 beat the consensus of $1.14.
- Garmin generated $104 million in free cash flow. It held $1.46 billion in cash and equivalents.
- "Revenue was negatively impacted by the strengthening of the U.S. Dollar," CEO Cliff Pemble said.
- Dividend: The Board established December 31, 2022, as the payment date for the next dividend installment of $0.73 per share, with a record date of December 15, 2022.
- Outlook: Garmin cut its FY22 revenue outlook from $5 billion to $4.85 billion, below the consensus of $4.99 billion.
- Garmin raised the proforma EPS from $4.90 to $4.95, above the consensus of $4.90.
- Price Action: GRMN shares traded higher by 1.43% at $86.10 on the last check Wednesday.
- Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in