Garmin stock surges on earnings beat, 2024 guidance

Garmin Ltd. (GRMN) shares are jumping after fourth-quarter earnings and revenue results beat estimates, reporting better-than-expected guidance for 2024.

Yahoo Finance’s Julie Hyman and Josh Lipton take a closer look at the numbers.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Eyek Ntekim

Video transcript

JULIE HYMAN: So round out, trending tickers with one stock that's actually moving higher today. And here on a good note, shares of Garmin they're in the green, following an earnings beat on the top and bottom line. So Garmin stock actually hit a 50, a 52 week high, I think, in today's trade I saw. Consumer electronics company obviously sells smartwatches, GPS devices. Q4 was strong, adjusted earnings beat revenue beat, and looking ahead for 2024 companies targeting sales of $5.75 billion. That's good news if you're long the stock, shoot was closer to $5.56.

JOSH LIPTON: It does look like a 52-week high today, although the stock had been declining into the print, but the magnitude of the gain today is such that it means that they're at that new 52-week high. Shares are actually up about 42% over the past year or two, so it's already had that run until again more recently when the shares started to decline into this. They also, I don't know if you mentioned, they authorized a buyback of up to $300 million too, so that doesn't hurt.

JOSH LIPTON: Capital return news is always welcome.

JULIE HYMAN: Yes, it is.