Garmin Stock Rocked Despite Growth
Garmin’s stock took an 11% hit yesterday (10/26) as Wall Street reacted negatively to revenue growth of 30% and profits that were up 53% for the quarter. According to the Kansas City Star, rumors were flying about a "blowout" quarter. Such innuendo has a tendency to inflate expectations and therefore the stock price tumbled. However, Garmin has raised its guidance for the remainder of the year and expects total revenue to be $1.0 to $1.02 billion and diluted EPS in the $2.53 to $2.58 range. The company expects to introduce more than sixty new products for the year.
At the close of today’s trading, the stock fell another 5%, closing at $56.45 per share.
by Joe Francica on 10/27 at 08:08 AM |
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