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Garmin Slides Despite Record Revenue, Warns of New Challenges

Published 04/27/2022, 01:45 PM
Updated 04/27/2022, 01:49 PM
© Reuters.

By Sam Boughedda

Investing.com -- Garmin (NYSE:GRMN) stock 0.7% after reporting its first-quarter results on Wednesday, which included record revenue for the company.

The technology company posted a record revenue of $1.17 billion, a 9% increase over the prior-year quarter and a beat on estimates of $1.14 billion. Revenue included three segments of the business posting double-digit growth.

Earnings per share were in line with estimates at $1.11. 

The company cautioned that high freight costs and component supply challenges are persisting while new challenges are emerging, such as the strengthening of the U.S. dollar and the uncertainty created by Russia's invasion of Ukraine.

"We delivered another quarter of growth and record revenue in an increasingly complex and challenging business environment," stated Cliff Pemble, president and CEO of Garmin. 

Garmin maintained its guidance for fiscal 2022, with revenue expected to be approximately $5.5 billion and pro forma earnings per share of $5.90.

 

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