Garmin Is Today's Top S&P 500 Stock. Outlook Is Raised Ahead of 'Important Holiday Selling Season.' -- Barrons.com

Dow Jones10-30 20:45

By Emily Dattilo

Shares of Garmin were soaring after the navigation device maker easily beat quarterly earnings and revenue estimates and boosted its financial outlook.

Garmin stock gained 13% to $187.06 in premarket trading and was on track for an all-time high, according to Dow Jones Market Data. It was also the best performer in the S&P 500 during premarket trading.

For its third quarter, the company reported adjusted earnings of $1.99 per share, beating Wall Street's call for $1.45, according to FactSet. Revenue of $1.59 billion was above the consensus estimate of $1.44 billion.

"We are raising our 2024 outlook based on the results we have achieved so far and the momentum we are experiencing as we enter the important holiday selling season," said CEO Cliff Pemble in the earnings release.

For the fiscal year, the company forecasts adjusted earnings of $6.85 per share, higher than a prior call for $6, while analysts had penciled in $6.10.

Write to Emily Dattilo at emily.dattilo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

October 30, 2024 08:45 ET (12:45 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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