Garmin raises annual forecast; outdoor unit weakness weighs on shares

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Garmin raises annual forecast; outdoor unit weakness weighs on shares - Channel News Asia

Quick Summary:

:Garmin beat quarterly revenue estimates and raised its annual forecast on Wednesday, helped by strength in fitness and auto segments, but mixed results in outdoor and aviation units sent its shares down more than 3 per cent.

The company also now expects full-year 2024 revenue to be approximately $5.95 billion, from earlier expectations of $5.75 billion.

The effective tax rate in the second quarter was 17.9 per cent compared with 8.9 per cent in the prior-year quarter.