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Compared to Estimates, Garmin (GRMN) Q1 Earnings: A Look at Key Metrics
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Garmin (GRMN - Free Report) reported $1.15 billion in revenue for the quarter ended March 2023, representing a year-over-year decline of 2.2%. EPS of $1.02 for the same period compares to $1.11 a year ago.
The reported revenue represents a surprise of +6.20% over the Zacks Consensus Estimate of $1.08 billion. With the consensus EPS estimate being $1.00, the EPS surprise was +2.00%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Garmin performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- Marine: $278.98 million versus $262.41 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +9.8% change.
Net Sales- Aviation: $213.58 million compared to the $198.81 million average estimate based on four analysts. The reported number represents a change of +22.2% year over year.
Net Sales- Fitness: $244.72 million versus $187.40 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +10.8% change.
Net Sales- Outdoor: $328.66 million compared to the $346.77 million average estimate based on four analysts. The reported number represents a change of -14.6% year over year.
Net Sales- Auto OEM: $81.48 million versus the four-analyst average estimate of $70.57 million. The reported number represents a year-over-year change of -41.1%.
Operating income- Outdoor: $76.74 million versus $93.78 million estimated by three analysts on average.
Operating income- Fitness: $10.58 million versus the three-analyst average estimate of $4.87 million.
Operating income- Marine: $71.91 million compared to the $57.03 million average estimate based on three analysts.
Operating income- Auto OEM: -$19.94 million compared to the -$19.51 million average estimate based on three analysts.
Gross profit- Fitness: $120.91 million compared to the $88.68 million average estimate based on three analysts.
Gross profit- Marine: $149.63 million versus the three-analyst average estimate of $142.29 million.
Gross profit- Aviation: $154.45 million versus the three-analyst average estimate of $146.37 million.
Shares of Garmin have returned -2.9% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Compared to Estimates, Garmin (GRMN) Q1 Earnings: A Look at Key Metrics
Garmin (GRMN - Free Report) reported $1.15 billion in revenue for the quarter ended March 2023, representing a year-over-year decline of 2.2%. EPS of $1.02 for the same period compares to $1.11 a year ago.
The reported revenue represents a surprise of +6.20% over the Zacks Consensus Estimate of $1.08 billion. With the consensus EPS estimate being $1.00, the EPS surprise was +2.00%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Garmin performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Sales- Marine: $278.98 million versus $262.41 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +9.8% change.
- Net Sales- Aviation: $213.58 million compared to the $198.81 million average estimate based on four analysts. The reported number represents a change of +22.2% year over year.
- Net Sales- Fitness: $244.72 million versus $187.40 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +10.8% change.
- Net Sales- Outdoor: $328.66 million compared to the $346.77 million average estimate based on four analysts. The reported number represents a change of -14.6% year over year.
- Net Sales- Auto OEM: $81.48 million versus the four-analyst average estimate of $70.57 million. The reported number represents a year-over-year change of -41.1%.
- Operating income- Outdoor: $76.74 million versus $93.78 million estimated by three analysts on average.
- Operating income- Fitness: $10.58 million versus the three-analyst average estimate of $4.87 million.
- Operating income- Marine: $71.91 million compared to the $57.03 million average estimate based on three analysts.
- Operating income- Auto OEM: -$19.94 million compared to the -$19.51 million average estimate based on three analysts.
- Gross profit- Fitness: $120.91 million compared to the $88.68 million average estimate based on three analysts.
- Gross profit- Marine: $149.63 million versus the three-analyst average estimate of $142.29 million.
- Gross profit- Aviation: $154.45 million versus the three-analyst average estimate of $146.37 million.
View all Key Company Metrics for Garmin here>>>Shares of Garmin have returned -2.9% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.