Garmin Pulls a Rabbit Out of the Hat (GRMN)
Garmin Ltd. (NASDAQ: GRMN) has surprised many savvy investors and speculators who were betting against the company. That surprise has lasted some time and shares are now going to be at a new 52-week high. The PND and GPS leader…
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Garmin Ltd. (NASDAQ: GRMN) has surprised many savvy investors and speculators who were betting against the company. That surprise has lasted some time and shares are now going to be at a new 52-week high. The PND and GPS leader reported earnings above expectations after showing its first gain in a few quarters in sales of its personal navigation devices and outdoor and fitness products.
As far as guidance, Garmin now sees earnings of $2.45 to $2.60 per share on an adjusted basis nd sees sales in a range of $2.7 billion to $2.8 billion for the full year. Thomson Reuters has estimates of $2.41 EPS on $2.55 billion in sales.
Shares are trading up a whopping 11.2% at $49.72 in the pre-market trading session this Wednesday. The prior 52-week trading range is $29.23 to $45.62 and Garmin is now within range of having a $10 billion market capitalization rate again.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.