Garmin Gains 11% On Higher Q3 Earnings

(RTTNews) - Shares of Garmin Ltd. (GRMN) are progressing more than 11 percent on Wednesday morning trade after the company reported an increase in profit supported by double-digit revenue growth.

The company reported third-quarter profit that increased to $257.24 million or $1.34 per share from $210.85 million or $1.09 per share last year.

Net sales for the quarter increased to $1.277 billion from $1.140 billion a year ago.

Looking ahead to fiscal 2023, the company expects revenue of approximately $5.150 billion and pro forma earnings per share of $5.25 per share.

Currently, shares are at $114.22, up 11.39 percent from the previous close of $102.53 on a volume of 846,177.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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