Garmin earnings for the fourth quarter of 2018 have GRMN stock flying high on Wednesday.
Garmin (NASDAQ:GRMN) reported earnings per share of $1.02 for the fourth quarter of the year. This is better than the company’s earnings per share of 79 cents for the fourth quarter of 2017. It was also a major boon to GRMN stock by blowing past Wall Street’s earnings per share estimate of 80 cents for the period.
Garmin earnings for the fourth quarter of 2018 also include net income of $190.15 million. This is an improvement over the company’s net income of $142.55 million reported during the same time last year.
The Garmin earnings report for the fourth quarter of the year also has operating income coming in at $222.67 million. The tech company reported operating income of $183.34 million in the fourth quarter of the previous year.
Revenue reported in the Garmin earnings release for the fourth quarter of 2018 comes in at $932.12 million. This is up from the company’s revenue of $897.32 million reported in the same period of the year prior. It was also great new for GRMN stock by coming in above analysts’ revenue estimate of $891.33 million for the quarter.
The most recent Garmin earnings report also includes its outlook for the full year of 2019. It is expecting earnings per share around $3.70 on revenue of about $3.50 billion. Wall Street is looking for earnings per share and revenue of $3.52 and $3.43 billion for the year.
GRMN stock was up 15% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.