Garmin Returns To Topline Growth In Q2, Ticking In Three Out Of Five Segments
Portfolio Pulse from Anusuya Lahiri
Garmin Ltd (NYSE:GRMN) reported a Q2 FY23 revenue growth of 6% YoY to $1.32 billion, beating the consensus of $1.28 billion. However, its Proforma EPS of $1.45 missed the consensus of $1.43. The company saw growth in three of its five segments, with Fitness growing by 23% YoY, Aviation improving by 6% YoY, and Auto OEM growing 77% YoY. Garmin increased its FY23 revenue outlook to $5.05 billion.
August 04, 2023 | 11:19 am
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Garmin's Q2 FY23 revenue beat expectations, with growth in three of its five segments. However, its Proforma EPS missed the consensus. The company increased its FY23 revenue outlook.
Garmin's revenue beat and increased FY23 outlook are positive signs, likely to boost investor confidence and potentially drive the stock price up in the short term. However, the missed EPS might temper this positive impact slightly.
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