financetom
Business
financetom
/
Business
/
Navigation device maker Garmin misses profit estimates, shares slump
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Navigation device maker Garmin misses profit estimates, shares slump
May 25, 2025 10:00 PM

(Reuters) -Garmin posted its slowest revenue growth in seven quarters and missed profit estimates on sluggish demand for its navigation devices and smartwatches, sending shares of the company down more than 11.5% on Wednesday.

It also joined a chorus of global companies in warning about the economic uncertainty sparked by sweeping U.S. tariffs, which have already impacted companies across sectors and countries.

Garmin has manufacturing operations in Taiwan, the U.S., the Netherlands, Poland and China. That could make it vulnerable to rising Sino-U.S. tensions as Beijing and Washington escalate tit-for-tat tariffs that threaten to roil supply chains.

Still, the company, which competes with smartwatches from Apple and South Korea's Samsung, raised its revenue forecast for the year to $6.85 billion from $6.80 billion previously. That was higher than analysts' average estimate of $6.82 billion, according to data compiled by LSEG.

In the quarter to March 29, sales at outdoor and fitness divisions - Garmin's two biggest revenue generators - rose 20% and 12%, respectively, slower than the 29% and 31% growth seen in the previous three months.

Overall, sales rose 11% to $1.54 billion in the quarter ended March 29, above analysts' estimate of $1.51 billion.

But adjusted profit of $1.61 per share missed analysts' estimate of $1.67, as total expenses jumped 9.5%.

The company also lowered its forecast for annual margin to 58.5% from 58.7%.

(Reporting by Meghana Khare in Bengaluru; Editing by Shinjini Ganguli)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
S&P Global Market Intelligence to Exclusively Provide Baird Aftermarket Research
S&P Global Market Intelligence to Exclusively Provide Baird Aftermarket Research
Mar 21, 2024
10:55 AM EDT, 03/21/2024 (MT Newswires) -- S&P Global ( SPGI ) said Thursday that research from Robert W Baird & Co. will be available exclusively on an embargoed basis to Market Intelligence's clients. The company said that Baird's research, which provides industry overviews, and company forecasts, has been accessible on its Capital IQ and Capital IQ Pro platforms on...
S&P Downgrades Tidewater Midstream and Infrastructure; Removed From CreditWatch; Rating Withdrawn
S&P Downgrades Tidewater Midstream and Infrastructure; Removed From CreditWatch; Rating Withdrawn
Mar 21, 2024
10:57 AM EDT, 03/21/2024 (MT Newswires) -- S&P Global Ratings said Thursday that it has downgraded Tidewater Midstream and Infrastructure Ltd. ( TWMIF ) to B- from B. At the same time, the rating agency removed the issuer credit rating from CreditWatch, where they were placed with developing implications on Oct. 17, 2023. S&P then withdrew the rating at the...
Discovery Lithium To Acquire Lithium Explorer Midex Resources
Discovery Lithium To Acquire Lithium Explorer Midex Resources
Mar 21, 2024
10:55 AM EDT, 03/21/2024 (MT Newswires) -- Discovery Lithium Inc. ( DCLIF ) said Thursday that it has signed a letter of intent to acquire private lithium explorer Midex Resources. Discovery Lithium ( DCLIF ) said the transaction allows the company to own a 43,000-hectare land position in known li-bearing pegmatite fields. Midex owns the Berens and Crescent Lake lithium...
Update: Market Chatter: US Sen. Elizabeth Warren Calls on SEC to Probe Tesla's Board Independence
Update: Market Chatter: US Sen. Elizabeth Warren Calls on SEC to Probe Tesla's Board Independence
Mar 21, 2024
11:00 AM EDT, 03/21/2024 (MT Newswires) -- (Updates with details throughout.) US Sen. Elizabeth Warren has called on the US Securities and Exchange Commission to probe whether Tesla (TSLA) breached regulations over board independence at public companies, The Wall Street Journal reported Thursday, citing a letter. The Massachusetts Democrat previously raised similar concerns in a letter sent to the SEC...
Copyright 2023-2026 - www.financetom.com All Rights Reserved