(RTTNews) - While reporting its financial results for the fourth quarter on Wednesday, technology company Garmin Ltd. (GRMN) initiated its pro forma earnings and revenue guidance for the full year 2020, above analysts' estimates.
For fiscal 2020, the company now projects pro forma earnings to be about $4.60 per share on revenues of about $4.0 billion as growth in fitness, outdoor and marine is partially offset by declines in the auto segment.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.34 per share on revenues of $3.84 billion for the year. Analysts' estimates typically exclude special items.
"We entered 2020 with a great lineup of recently introduced products with more on the way. We are excited about the future because each business segment offers unique growth opportunities for 2020 and beyond," said Cliff Pemble, president and chief executive officer.
Further, the board of directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 5, 2020, a 7 percent higher annual cash dividend in the amount of $2.44 per share, payable in four equal installments of $0.61 per share on dates to be determined by the Board.
In addition, the board of directors has established March 31, 2020 as the payment date and March 16, 2020 as the record date for the final dividend installment of $0.57 per share.
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