Garmin Reports Strong Q3 Earnings Growth

Garmin Ltd. reported a remarkable Q3 performance, with revenues reaching $1.59 billion, a 24% increase year-over-year, and exceeding analyst expectations by $150 million. Strong demand for fitness wearables, which surged by 31%, and marine navigation systems, up by 22%, were key drivers behind the success. The company's profit per share also exceeded forecasts, rising to $1.99, while the gross margin improved to 60%. In response to this strong performance, Garmin raised its full-year revenue guidance to $6.12 billion and earnings per share estimate to $6.85. CEO Cliff Pemble highlighted the appeal of Garmin's innovative products as a factor in their growth, which is expected to continue into the holiday season with new product launches. Overall, Garmin's stock jumped 23% to record highs following the earnings announcement, reflecting strong investor confidence.