Garmin Ltd. Earnings: Here’s Why the Stock is Down Now
Garmin Ltd. (NASDAQ:GRMN) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 9.15%.
Garmin Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 29.17% to $0.68 in the quarter versus EPS of $0.96 in the year-earlier quarter.
Revenue: Decreased 15.52% to $768.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Garmin Ltd. reported adjusted EPS income of $0.68 per share. By that measure, the company missed the mean analyst estimate of $0.73. It missed the average revenue estimate of $833.43 million.
Quoting Management: “Entering 2012, we forecasted $2.7-2.8 billion of revenue and $2.45-2.60 of EPS. I am pleased to say that we met or exceeded those targets through a combination of solid execution by our associates and ongoing market share gains across our diverse set of products and geographies,” said Cliff Pemble, president and chief executive officer of Garmin Ltd.
Key Stats (on next page)…