We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
For the second quarter, the Zacks Consensus Estimate for revenues is pegged at $1.48 billion, suggesting an increase of 11.95% from the year-ago quarter.
The consensus estimate for earnings is pegged at $1.45 per share, in line with the year-ago quarter’s reported figure. The figure has remained unchanged in the past 30 days.
Garmin’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 18.89%.
Let’s see how things have shaped up for the upcoming announcement.
Garmin’s expanding portfolio is expected to have been the key catalyst for its top-line growth in the second quarter of 2024.
In the fitness segment, strong demand for advanced wearables and its robust lineup of recently introduced wellness products like Forerunner 165 are expected to have aided its revenue growth in the quarter under review.
The Zacks Consensus Estimate for the Fitness segment is pegged at $378.82 million, indicating 13.1% year-over-year growth.
Strong momentum across its wearables offerings and inReach SOS service, Garmin Response, is expected to have positively impacted the Outdoor segment’s performance in the to-be-reported quarter.
The consensus estimate for Outdoor revenues is pegged at $472.3 million, suggesting growth of 5.4% year over year.
Strength in the Marine segment driven by its JL Audio business and its robust portfolio of newly launched products, like the GPSMAP 16 family chartplotters, Force trolling motor and Panoptix PS70 deepwater live sonar, is likely to have boosted the company’s performance in the second quarter.
The consensus estimate for Marine revenues stands at $258.52 million, up 19.8% from the figure reported in the year-ago quarter.
Growing momentum across OEM equipment categories, driven by increased demand in private air travel, is expected to have bolstered the Aviation segment’s performance in the to-be-reported quarter.
The consensus mark for Aviation revenues is pegged at $218.13 million, indicating year-over-year growth of 0.3%.
The company’s expanding market share and customer base for domain controllers, owing to its increased shipments to BMW, is likely to have boosted Auto OEM revenues during the second quarter.
The consensus mark for Auto OEM revenues is pegged at $150.94 million, indicating 44.4% year-over-year growth.
However, sluggishness in the personal navigation device market is expected to have been a headwind for the company.
Rising macroeconomic uncertainties and inflationary pressure may have been major concerns.
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) at present. 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, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Aspen Aerogels is set to report its second-quarter 2024 results on Aug 7. The Zacks Consensus Estimate for ASPN’s earnings is pegged at 5 cents per share, indicating a significant jump from the prior-year quarter’s loss of 22 cents per share.
Apple (AAPL - Free Report) has an Earnings ESP of +3.23% and a Zacks Rank #2 at present.
Apple is scheduled to release third-quarter fiscal 2024 results on Aug 1. The Zacks Consensus Estimate for AAPL’s earnings is pegged at $1.33 per share, suggesting a jump of 5.6% from the prior-year quarter.
GoDaddy (GDDY - Free Report) has an Earnings ESP of +13.08% and a Zacks Rank #3 at present.
GoDaddy is set to report second-quarter 2024 results on Aug 1. The Zacks Consensus Estimate for GDDY’s earnings is pegged at $1.07 per share, indicating growth of 69.8% from the year-ago quarter’s reported figure.
Image: Bigstock
Garmin (GRMN) to Report Q2 Earnings: What's in the Cards?
Garmin (GRMN - Free Report) is scheduled to report its second-quarter 2024 results on Jul 31.
For the second quarter, the Zacks Consensus Estimate for revenues is pegged at $1.48 billion, suggesting an increase of 11.95% from the year-ago quarter.
The consensus estimate for earnings is pegged at $1.45 per share, in line with the year-ago quarter’s reported figure. The figure has remained unchanged in the past 30 days.
Garmin’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 18.89%.
Let’s see how things have shaped up for the upcoming 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 been the key catalyst for its top-line growth in the second quarter of 2024.
In the fitness segment, strong demand for advanced wearables and its robust lineup of recently introduced wellness products like Forerunner 165 are expected to have aided its revenue growth in the quarter under review.
The Zacks Consensus Estimate for the Fitness segment is pegged at $378.82 million, indicating 13.1% year-over-year growth.
Strong momentum across its wearables offerings and inReach SOS service, Garmin Response, is expected to have positively impacted the Outdoor segment’s performance in the to-be-reported quarter.
The consensus estimate for Outdoor revenues is pegged at $472.3 million, suggesting growth of 5.4% year over year.
Strength in the Marine segment driven by its JL Audio business and its robust portfolio of newly launched products, like the GPSMAP 16 family chartplotters, Force trolling motor and Panoptix PS70 deepwater live sonar, is likely to have boosted the company’s performance in the second quarter.
The consensus estimate for Marine revenues stands at $258.52 million, up 19.8% from the figure reported in the year-ago quarter.
Growing momentum across OEM equipment categories, driven by increased demand in private air travel, is expected to have bolstered the Aviation segment’s performance in the to-be-reported quarter.
The consensus mark for Aviation revenues is pegged at $218.13 million, indicating year-over-year growth of 0.3%.
The company’s expanding market share and customer base for domain controllers, owing to its increased shipments to BMW, is likely to have boosted Auto OEM revenues during the second quarter.
The consensus mark for Auto OEM revenues is pegged at $150.94 million, indicating 44.4% year-over-year growth.
However, sluggishness in the personal navigation device market is expected to have been a headwind for the company.
Rising macroeconomic uncertainties and inflationary pressure may have been major concerns.
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) at present. 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, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Aspen Aerogels (ASPN - Free Report) has an Earnings ESP of +23.53% and a Zacks Rank #1. You can see the complete list of today's Zacks #1 Rank stocks here.
Aspen Aerogels is set to report its second-quarter 2024 results on Aug 7. The Zacks Consensus Estimate for ASPN’s earnings is pegged at 5 cents per share, indicating a significant jump from the prior-year quarter’s loss of 22 cents per share.
Apple (AAPL - Free Report) has an Earnings ESP of +3.23% and a Zacks Rank #2 at present.
Apple is scheduled to release third-quarter fiscal 2024 results on Aug 1. The Zacks Consensus Estimate for AAPL’s earnings is pegged at $1.33 per share, suggesting a jump of 5.6% from the prior-year quarter.
GoDaddy (GDDY - Free Report) has an Earnings ESP of +13.08% and a Zacks Rank #3 at present.
GoDaddy is set to report second-quarter 2024 results on Aug 1. The Zacks Consensus Estimate for GDDY’s earnings is pegged at $1.07 per share, indicating growth of 69.8% from the year-ago quarter’s reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.