A large replica of a fitness smartwatch from Garmin is on display the international consumer technology fair IFA in Berlin, Germany September 2, 2022.
REUTERS/Lisi Niesner/File Photo Acquire Licensing RightsNov 1 (Reuters) - Navigation equipment maker Garmin Ltd raised its annual sales forecast ahead of the crucial holiday shopping period as strength in its auto and fitness businesses helped it beat third-quarter revenue estimates.
The company had previously forecast revenue of about $5.05 billion and adjusted earnings of $5.15 per share for the year.
All of Garmin's segments registered growth in the quarter, except its marine business, which posted a 7% decrease in sales.
Excluding items, Garmin earned $1.41 per share, topping expectations of $1.29.
Persons:
Lisi Niesner, Cliff Pemble, Juby Babu, Saumyadeb
Organizations:
Garmin, IFA, REUTERS, Audio, BMW, Thomson
Locations:
Berlin, Germany, Bengaluru