Garmin (NASDAQ:GRMN) earnings for the GPS tech company’s fourth quarter of 2019 have GRMN stock heading higher on Wednesday. That’s due to its adjusted earnings per share (EPS) of $1.29 coming in well above Wall Street’s estimate of $1.04. Revenue of $1.1 billion also handily beats out analysts’ estimates of $1.01 billion.
Let’s see what else went right during the most recent Garmin earnings report.
- Adjusted EPS for the quarter is up 26.47% from $1.02 in the fourth quarter of 2018.
- Revenue is sitting 18.01% higher than the $932.11 million from the same time last year.
- Operating income of $276.52 million is a 24.18% increase year-over-year from $222.67 million.
- The Garmin earnings report also has it bringing in a net income of $360.79 million.
- This is 89.74% better than the company’s net income of $190.15 million in the same period of the year prior.
Cliff Pemble, President and CEO of Garmin, says this about the GRMN stock earnings.
“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. We are excited about the future because each business segment offers unique growth opportunities for 2020 and beyond.”
The Garmin earnings report also includes its 2020 outlook. It is expecting adjusted EPS of roughly $4.60 on revenue of about $4 billion. Wall Street is looking for EPS of $4.34 on revenue of $3.84 billion for the year.
GRMN stock was up 7.10% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.