Garmin (NYSE:GRMN) saw its shares rise more than 23% intra-day on Wednesday after reporting third-quarter earnings that significantly outpaced expectations and raising its full-year forecast.
The GPS technology leader posted adjusted earnings per share of $1.99, beating Street estimates by $0.55. Revenue reached $1.59 billion, surpassing the anticipated $1.44 billion and marking a robust 24% year-over-year increase.
Growth was broad-based across Garmin’s segments, with fitness revenue surging 31% and outdoor revenue up 21%. The company’s gross margin expanded to 60%, while its operating margin improved to 27.6%.
Looking forward, Garmin raised its full-year revenue outlook to $6.12 billion, above its prior guidance and surpassing the $5.988 billion consensus. The company also increased its adjusted EPS forecast to $6.85, well above Wall Street projections of $6.08.