Garmin Ltd. (NASDAQ: GRMN) Wednesday reported third-quarter earnings and revenues that surpassed the market’s estimates. The company’s stock gained 2% soon after the announcement.
Earnings, on a pro forma basis, rose 24% to $1.58 per share in the September-quarter from $1.27 per share last year. Unadjusted profit moved up to $313.4 million or $1.63 per share from $227.9 million or $1.19 per share in the third quarter of 2019. Analysts were looking for a lower profit.
During the three-month period, total revenue advanced 19% annually to $1.1 billion, aided by strong growth in marine, fitness, and outdoor. The top-line also exceeded analysts’ forecast.
Garmin’s stock gained early Wednesday following the earnings announcement, after closing the previous session lower.