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Garmin’s expanding portfolio is expected to have benefited its top-line growth in the third quarter of 2023.
In the fitness segment, broad-based growth across all product categories is expected to have aided its revenue growth in the quarter under review.
The Zacks Consensus estimate for the Fitness segment is pegged at $283.4 million, indicating 1.2% year-over-year growth.
Strong momentum across the Aviation segment, driven by original equipment manufacturer (OEM) product categories, is likely to have aided its performance during the third quarter.
The consensus estimate suggests Aviation revenues of $197.3 million, up 4.9% from the figure reported in the year-ago quarter.
Further, Garmin’s growing shipment of domain controllers is likely to have aided the Auto OEM revenues during the quarter to be reported.
The consensus mark for Auto OEM revenues is pegged at $91.4 million, indicating 32.2% year-over-year growth.
Moreover, the company’s strong efforts toward bolstering its Outdoor segment on the back of its robust key offerings are likely to have aided its performance.
The consensus estimate indicates Outdoor revenues to grow 34% year over year to $456.1 million.
However, macroeconomic uncertainties, geopolitical concerns, supply chain constraints, seasonality and weak personal navigation device market are expected to have acted as headwinds for the upcoming results.
Additionally, sluggishness in the marine market due to increasing headwinds caused by higher interest rates and growing economic uncertainties is expected to have affected the Marine segment of the company in the underlying quarter.
The consensus mark for Marine revenues is pegged at $179 million, indicating a year-over-year decline of 8.9%.
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 0.00% and a Zacks Rank #4 (Sell). 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 companies worth considering from the same space, as our model shows that these have the right combination of elements to beat on earnings in the soon-to-be-reported quarterly results.
GoDaddy is scheduled to release third-quarter 2023 results on Nov 2. The Zacks Consensus Estimate for GDDY’s earnings is pegged at 71 cents per share, suggesting growth of 12.7% year over year.
Fastly (FSLY - Free Report) has an Earnings ESP of +17.24% and a Zacks Rank #2 at present.
Fastly is set to report third-quarter 2023 results on Nov 1. The Zacks Consensus Estimate for FSLY’s earnings is pegged at a loss of 7 cents per share compared with a loss of 14 cents per share in the year-ago quarter.
BILL Holdings (BILL - Free Report) has an Earnings ESP of +4.42% and a Zacks Rank #3 at present
BILL Holdings is set to report first-quarter fiscal 2024 results on Nov 2. The Zacks Consensus Estimate for BILL’s earnings is pegged at 50 cents per share, indicating an increase from the year-ago quarter’s reported figure of 14 cents.
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Garmin (GRMN) to Report Q3 Earnings: What's in the Cards?
Garmin (GRMN - Free Report) is scheduled to report its third-quarter 2023 results on Nov 1.
For the third quarter, the Zacks Consensus Estimate for revenues is pegged at $1.21 billion, suggesting an increase of 5.9% from the year-ago quarter.
The Zacks Consensus Estimate for earnings is pegged at $1.29 per share, indicating growth of 4.03% from the year-ago fiscal quarter’s reported figure.
Garmin’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average being 8.64%.
Let’s see how things have shaped up for this announcement.
Garmin Ltd. Price and EPS Surprise
Garmin Ltd. price-eps-surprise | Garmin Ltd. Quote
Key Factors to Note
Garmin’s expanding portfolio is expected to have benefited its top-line growth in the third quarter of 2023.
In the fitness segment, broad-based growth across all product categories is expected to have aided its revenue growth in the quarter under review.
The Zacks Consensus estimate for the Fitness segment is pegged at $283.4 million, indicating 1.2% year-over-year growth.
Strong momentum across the Aviation segment, driven by original equipment manufacturer (OEM) product categories, is likely to have aided its performance during the third quarter.
The consensus estimate suggests Aviation revenues of $197.3 million, up 4.9% from the figure reported in the year-ago quarter.
Further, Garmin’s growing shipment of domain controllers is likely to have aided the Auto OEM revenues during the quarter to be reported.
The consensus mark for Auto OEM revenues is pegged at $91.4 million, indicating 32.2% year-over-year growth.
Moreover, the company’s strong efforts toward bolstering its Outdoor segment on the back of its robust key offerings are likely to have aided its performance.
The consensus estimate indicates Outdoor revenues to grow 34% year over year to $456.1 million.
However, macroeconomic uncertainties, geopolitical concerns, supply chain constraints, seasonality and weak personal navigation device market are expected to have acted as headwinds for the upcoming results.
Additionally, sluggishness in the marine market due to increasing headwinds caused by higher interest rates and growing economic uncertainties is expected to have affected the Marine segment of the company in the underlying quarter.
The consensus mark for Marine revenues is pegged at $179 million, indicating a year-over-year decline of 8.9%.
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 0.00% and a Zacks Rank #4 (Sell). 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 companies worth considering from the same space, as our model shows that these have the right combination of elements to beat on earnings in the soon-to-be-reported quarterly results.
GoDaddy (GDDY - Free Report) has an Earnings ESP of +14.09% and a Zacks Rank #1 at present. You can see the complete list of today's Zacks #1 Rank stocks here.
GoDaddy is scheduled to release third-quarter 2023 results on Nov 2. The Zacks Consensus Estimate for GDDY’s earnings is pegged at 71 cents per share, suggesting growth of 12.7% year over year.
Fastly (FSLY - Free Report) has an Earnings ESP of +17.24% and a Zacks Rank #2 at present.
Fastly is set to report third-quarter 2023 results on Nov 1. The Zacks Consensus Estimate for FSLY’s earnings is pegged at a loss of 7 cents per share compared with a loss of 14 cents per share in the year-ago quarter.
BILL Holdings (BILL - Free Report) has an Earnings ESP of +4.42% and a Zacks Rank #3 at present
BILL Holdings is set to report first-quarter fiscal 2024 results on Nov 2. The Zacks Consensus Estimate for BILL’s earnings is pegged at 50 cents per share, indicating an increase from the year-ago quarter’s reported figure of 14 cents.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.