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Garmin (GRMN) to Report Q1 Earnings: What's in the Cards?
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Garmin (GRMN - Free Report) is scheduled to report its first-quarter 2023 results on May 3.
For the first quarter, the Zacks Consensus Estimate for revenues is pegged at $1.08 billion, suggesting a decline of 7.9% from the year-ago fiscal quarter’s reading.
The Zacks Consensus Estimate for earnings is pegged at $1.00 per share, indicating a decline of 9.9% from the year-ago fiscal quarter’s reported figure.
Garmin’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters while missing the same once, the average surprise being 7.27%.
Garmin’s continuous efforts toward introducing products are expected to have benefited its performance in first-quarter 2023.
In the first quarter, GRMN launched Garmin Navionics+, a marine mapping solution.
It also launched newer ECHOMAP UHD2 series chartplotters offering features like Ultra High-Definition sonar and preloaded Garmin Navionics+ mapping. These are likely to have contributed to the Marine segment’s revenues in the quarter under review.
Further, GRMN introduced Garmin Dash Cam Live, an always-connected LTE dash cam that provides drivers a live external view of their car. It also announced new additions to the Tread lineup, the Tread XL – Baja Race and Tread XL – Baja Chase editions of high-performance, off-road navigators. These might have aided its Automotive revenues.
Additionally, contributions from new OEM programs are likely to have continued benefiting the Automotive segment in the quarter under discussion.
The company’s strong efforts toward bolstering its Aviation segment on the back of its robust key offerings are likely to have aided its performance.
Moreover, GRMN’s strong momentum across the OEM and aftermarket categories are expected to have benefited the segment in the quarter under review.
However, macroeconomic uncertainties, geopolitical concerns and softness in the fitness segments are major concerns ahead of the upcoming results.
Additionally, weakness in consumer auto category is expected to have affected the outdoor segment of the company in the underlying quarter.
What Our Model Says
Our proven model predicts an earnings beat for Garmin this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Garmin has an Earnings ESP of +0.80% and a Zacks Rank #3 at present.
Other Stocks to Consider
Here are some stocks worth considering as our model shows that these too have the right combination of elements to beat on earnings this season.
DOCN is scheduled to release first-quarter 2023 results on May 9. The Zacks Consensus Estimate for DOCN’s earnings is pegged at 29 cents per share, suggesting a jump from 7 cents per share reported in the prior-year quarter.
BILL Holdings, Inc. (BILL - Free Report) has an Earnings ESP of +13.02% and a Zacks Rank #2 at present.
BILL Holdings is set to report third-quarter fiscal 2023 results on May 4. The Zacks Consensus Estimate for BILL’s earnings is pegged at 24 cents per share. The company incurred a loss of 8 cents per share in the year-ago quarter.
Ceridian HCM has an Earnings ESP of +9.09% and a Zacks Rank #3 at present.
CDAY is scheduled to report first-quarter 2023 results on May 3. The Zacks Consensus Estimate for CDAY’s earnings is pegged at 33 cents per share, suggesting an increase of 153.8% from the prior-year quarter’s reported figure.
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Garmin (GRMN) to Report Q1 Earnings: What's in the Cards?
Garmin (GRMN - Free Report) is scheduled to report its first-quarter 2023 results on May 3.
For the first quarter, the Zacks Consensus Estimate for revenues is pegged at $1.08 billion, suggesting a decline of 7.9% from the year-ago fiscal quarter’s reading.
The Zacks Consensus Estimate for earnings is pegged at $1.00 per share, indicating a decline of 9.9% from the year-ago fiscal quarter’s reported figure.
Garmin’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters while missing the same once, the average surprise being 7.27%.
Garmin Ltd. Price and EPS Surprise
Garmin Ltd. price-eps-surprise | Garmin Ltd. Quote
Key Factors to Note
Garmin’s continuous efforts toward introducing products are expected to have benefited its performance in first-quarter 2023.
In the first quarter, GRMN launched Garmin Navionics+, a marine mapping solution.
It also launched newer ECHOMAP UHD2 series chartplotters offering features like Ultra High-Definition sonar and preloaded Garmin Navionics+ mapping. These are likely to have contributed to the Marine segment’s revenues in the quarter under review.
Further, GRMN introduced Garmin Dash Cam Live, an always-connected LTE dash cam that provides drivers a live external view of their car. It also announced new additions to the Tread lineup, the Tread XL – Baja Race and Tread XL – Baja Chase editions of high-performance, off-road navigators. These might have aided its Automotive revenues.
Additionally, contributions from new OEM programs are likely to have continued benefiting the Automotive segment in the quarter under discussion.
The company’s strong efforts toward bolstering its Aviation segment on the back of its robust key offerings are likely to have aided its performance.
Moreover, GRMN’s strong momentum across the OEM and aftermarket categories are expected to have benefited the segment in the quarter under review.
However, macroeconomic uncertainties, geopolitical concerns and softness in the fitness segments are major concerns ahead of the upcoming results.
Additionally, weakness in consumer auto category is expected to have affected the outdoor segment of the company in the underlying quarter.
What Our Model Says
Our proven model predicts an earnings beat for Garmin this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Garmin has an Earnings ESP of +0.80% and a Zacks Rank #3 at present.
Other Stocks to Consider
Here are some stocks worth considering as our model shows that these too have the right combination of elements to beat on earnings this season.
DigitalOcean (DOCN - Free Report) has an Earnings ESP of +3.45% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
DOCN is scheduled to release first-quarter 2023 results on May 9. The Zacks Consensus Estimate for DOCN’s earnings is pegged at 29 cents per share, suggesting a jump from 7 cents per share reported in the prior-year quarter.
BILL Holdings, Inc. (BILL - Free Report) has an Earnings ESP of +13.02% and a Zacks Rank #2 at present.
BILL Holdings is set to report third-quarter fiscal 2023 results on May 4. The Zacks Consensus Estimate for BILL’s earnings is pegged at 24 cents per share. The company incurred a loss of 8 cents per share in the year-ago quarter.
Ceridian HCM has an Earnings ESP of +9.09% and a Zacks Rank #3 at present.
CDAY is scheduled to report first-quarter 2023 results on May 3. The Zacks Consensus Estimate for CDAY’s earnings is pegged at 33 cents per share, suggesting an increase of 153.8% from the prior-year quarter’s reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.