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For the second quarter, the Zacks Consensus Estimate for revenues is pegged at $1.28 billion, suggesting an increase of 2.88% from the year-ago quarter.
The Zacks Consensus Estimate for earnings is pegged at $1.43 per share, indicating a decline of 0.69% 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 8.64%.
Let’s see how things have shaped up for the upcoming announcement.
Key Factors to Note
Garmin’s expanding portfolio is expected to have benefited its top-line growth in the second quarter of 2023.
In the fitness segment, strong demand for advanced wearables like running watches is expected to have aided its revenue growth in the quarter under review.
Our model estimate for the Fitness segment is pegged at $285 million, indicating 4.7% year-over-year growth.
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.
Our model suggests Aviation revenues of $219.2 million, up 7.1% from the figure reported in the year-ago quarter.
Moreover, contributions from new OEM programs are likely to have continued benefiting the Automotive segment in the quarter under discussion.
Additionally, GRMN’s strong momentum across the OEM and aftermarket categories are expected to have benefited the segment in the quarter under review.
Our model estimate for Auto OEM revenues is pegged at $89.1 million, indicating 51.1% year-over-year growth.
However, macroeconomic uncertainties, geopolitical concerns, supply chain constraints and softness in the fitness segments, particularly in adventure watches, are major concerns ahead of the upcoming results.
Additionally, weakness in the consumer auto category is expected to have affected the Outdoor segment of the company in the underlying quarter.
Outdoor revenues are expected to decline 13.7% year over year to $398.7 million, per our model.
What Our Model Says
According to the Zacks model, 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. But that’s not the case here.
Garmin has an Earnings ESP of -6.99% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some stocks worth considering as our model shows that these have the right combination of elements to beat on earnings this season.
BILL Holdings is set to report its fourth-quarter fiscal 2023 results on Aug 17. The Zacks Consensus Estimate for BILL’s earnings is pegged at 41 cents per share.
CACI International (CACI - Free Report) has an Earnings ESP of +2.36% and a Zacks Rank #2 at present.
CACI is scheduled to report its fourth-quarter fiscal 2023 results on Aug 9. The Zacks Consensus Estimate for CACI’s earnings is pegged at $4.85 per share, suggesting an increase of 6.83% from the prior-year quarter’s reported figure.
DigitalOcean (DOCN - Free Report) has an Earnings ESP of +4.03% and a Zacks Rank #3 at present.
DOCN is scheduled to release its second-quarter 2023 results on Aug 3. The Zacks Consensus Estimate for DOCN’s earnings is pegged at 40 cents per share, suggesting a jump from 20 cents per share reported in the prior-year quarter.
Image: Bigstock
Garmin (GRMN) to Report Q2 Earnings: What's in the Cards?
Garmin (GRMN - Free Report) is scheduled to report its second-quarter 2023 results on Aug 2.
For the second quarter, the Zacks Consensus Estimate for revenues is pegged at $1.28 billion, suggesting an increase of 2.88% from the year-ago quarter.
The Zacks Consensus Estimate for earnings is pegged at $1.43 per share, indicating a decline of 0.69% 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 8.64%.
Garmin Ltd. Price and EPS Surprise
Garmin Ltd. price-eps-surprise | Garmin Ltd. Quote
Let’s see how things have shaped up for the upcoming announcement.
Key Factors to Note
Garmin’s expanding portfolio is expected to have benefited its top-line growth in the second quarter of 2023.
In the fitness segment, strong demand for advanced wearables like running watches is expected to have aided its revenue growth in the quarter under review.
Our model estimate for the Fitness segment is pegged at $285 million, indicating 4.7% year-over-year growth.
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.
Our model suggests Aviation revenues of $219.2 million, up 7.1% from the figure reported in the year-ago quarter.
Moreover, contributions from new OEM programs are likely to have continued benefiting the Automotive segment in the quarter under discussion.
Additionally, GRMN’s strong momentum across the OEM and aftermarket categories are expected to have benefited the segment in the quarter under review.
Our model estimate for Auto OEM revenues is pegged at $89.1 million, indicating 51.1% year-over-year growth.
However, macroeconomic uncertainties, geopolitical concerns, supply chain constraints and softness in the fitness segments, particularly in adventure watches, are major concerns ahead of the upcoming results.
Additionally, weakness in the consumer auto category is expected to have affected the Outdoor segment of the company in the underlying quarter.
Outdoor revenues are expected to decline 13.7% year over year to $398.7 million, per our model.
What Our Model Says
According to the Zacks model, 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. But that’s not the case here.
Garmin has an Earnings ESP of -6.99% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some stocks worth considering as our model shows that these have the right combination of elements to beat on earnings this season.
BILL Holdings, Inc. (BILL - Free Report) has an Earnings ESP of +4.35% and a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
BILL Holdings is set to report its fourth-quarter fiscal 2023 results on Aug 17. The Zacks Consensus Estimate for BILL’s earnings is pegged at 41 cents per share.
CACI International (CACI - Free Report) has an Earnings ESP of +2.36% and a Zacks Rank #2 at present.
CACI is scheduled to report its fourth-quarter fiscal 2023 results on Aug 9. The Zacks Consensus Estimate for CACI’s earnings is pegged at $4.85 per share, suggesting an increase of 6.83% from the prior-year quarter’s reported figure.
DigitalOcean (DOCN - Free Report) has an Earnings ESP of +4.03% and a Zacks Rank #3 at present.
DOCN is scheduled to release its second-quarter 2023 results on Aug 3. The Zacks Consensus Estimate for DOCN’s earnings is pegged at 40 cents per share, suggesting a jump from 20 cents per share reported in the prior-year quarter.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.