GAAP profit increased to $1.89 per share from a profit of $1.00 per share in the prior-year quarter. Except Auto, all the other segments registered revenue growth in the three months ended December 28, 2019 period. The introduction of new products in the fourth quarter benefited the company resulting in solid revenue growth across all the segments.
Revenue of Fitness, Aviation, Marine, and Outdoor segments grew 34%, 22%, 22% and 16%, respectively. Auto segment revenue declined 15% due to the ongoing PND market contraction and lower year-over-year OEM sales.
For fiscal 2020, Garmin expects adjusted EPS of $4.60 on revenue of about $4 billion. Wall Street had expected the company to forecast earnings of $4.34 per share and revenue of $3.84 billion.
“2019 was another exciting year of growth thanks to our strong lineup of products and unique innovations. We entered 2020 with a great lineup of recently introduced products with more on the way,” said CEO Cliff Pemble.
The company lifted its annual dividend by 7% to $2.44 a share from $2.28 a share. GRMN stock was broadly unchanged in the past three months and had gained 36% from this time last year.
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