Garmin soars to an 11-year high after its full-year guidance crushes expectations
- Garmin beat on both the top and bottom lines.
- The company also forecast full-year revenues and profits above Wall Street expectations.
- Shares gained 15% following the results.
- Watch Garmin trade live.
Garmin, a maker of fitness and navigation devices, on Wednesday posted strong fourth-quarter results and forecast full-year revenues and profits above Wall Street estimates, sending shares soaring by 15% to their highest level since 2008.
The company reported adjusted earnings of $1.02 a share - $0.22 higher than what analysts surveyed by Bloomberg were expecting. Its top line came at $932 million, beating the $891.3 million that was anticipated."2018 was another remarkable year of revenue and operating income growth driven by strong performance in our aviation, marine, outdoor and fitness segments," said CEO Cliff Pemble in a press release.
"Entering 2019, we see many opportunities ahead and believe that we are well positioned to seize these opportunities with a strong lineup of products across all of our segments."
For fiscal year 2019, the company expects full-year revenue of about $3.5 billion, topping the $3.43 billion expected by analysts. Garmin sees its 2019 profits at around $3.70 a share, better than the $3.51 that analysts were hoping for.
Garmin was up 30% so far this year, including Wednesday's rally.
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