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SCHAFFHAUSEN, Switzerland - Garmin Ltd . (NYSE:GRMN) shares fell over 5% in early trading after the company reported first quarter earnings that missed analyst expectations and provided full-year guidance below consensus estimates on Wednesday.
The company’s stock was down -5.44% in premarket trading following the earnings release.
The GPS technology company reported Q1 adjusted earnings per share of $1.61, falling short of the $1.64 analyst consensus. Revenue came in at $1.54 billion, surpassing expectations of $1.51 billion and representing 11% YoY growth.
For the full year 2025, Garmin forecasts EPS of $7.80, below the $7.92 Wall Street was expecting. The company sees revenue reaching $6.85 billion, slightly ahead of the $6.83 billion consensus estimate.
"We delivered another quarter of outstanding financial results which we attribute to our strong lineup of highly differentiated products that customers desire," said Cliff Pemble, President and CEO of Garmin. "While recent developments in global trade have created an atmosphere of uncertainty for many companies, we remain optimistic because of the resilience and flexibility our vertically integrated and highly diversified business model offers."
The company’s outdoor segment was a bright spot, with revenue surging 20% YoY to $438.5 million, driven by growth in adventure watches. However, the marine segment saw a 2% revenue decline due to the timing of promotions.
Garmin maintained its full year EPS guidance of $7.80 despite the Q1 earnings miss, based on an expected gross margin of 58.5% and operating margin of 24.8%.
Garmin will host a conference call at 10:30 AM ET to discuss the results in more detail.
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