Garmin Maintains FY23 Outlook - Update

(RTTNews) - Technology company Garmin Ltd. (GRMN), while reporting weak profit and sales in its first quarter, said on Wednesday that it continues to expect fiscal 2023 pro forma earnings per share of $5.15, and revenues of around $5 billion.

On average, analysts polled by Thomson Reuters expect earnings of $5.23 per share on revenues of $5.01 billion for the year. Analysts' estimates typically exclude special items.

In the first quarter, net income dropped to $202.33 million from last year's $211.59 million Earnings per share were $1.05, down from prior year's $1.09.

Net sales fell to $1.15 billion from prior year's $1.17 billion.

The Street was looking for earnings of $1.06 per share on revenues of $1.08 billion for the quarter.

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