By Owen Tucker-Smith
It was a good quarter for Garmin, whose stock is pacing for an all-time high and leading the S&P 500 in late-morning trading. The company reported fourth-quarter profit ahead of expectations on Wednesday, driven by a 31% sales bump in its fitness segment. The company also said its board would propose an increased annual dividend of $3.60, up 20% from $3.00.
-- Garmin, known for its wearable GPS-navigation technology, reported adjusted earnings of $2.41 a share during the fourth quarter, far ahead of the $2.05 that Wall Street analysts expected. Sales came in at $1.82 billion, beating expectations of $1.7 billion.
-- Sales jumped 31% in the company's fitness segment, where Garmin launched its Approach R50 portable golf launch monitor. Growth was also strong in the company's Auto OEM segment, while it was slower in the company's marine segment. In the outdoor segment, growth was driven by the company's adventure watches.
-- Garmin projected 2025 sales of about $6.8 billion, which exceeds consensus and represents an 8% jump from 2025.
Garmin shares were recently up more than 12% and have nearly doubled over the past year. The stock is up 37% over the past six months and 17% since the start of January.
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(END) Dow Jones Newswires
February 19, 2025 11:35 ET (16:35 GMT)
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