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Garmin (GRMN), a maker of electronic devices for fitness, navigation and outdoor recreation, on Wednesday matched estimates for earnings in the third quarter though its sales were a tad light. Its guidance also mildly disappointed. Garmin stock fell in early trading. The Olathe, Kan.-based company earned an adjusted $1.99 a share on sales of $1.77 billion in September quarter. Analysts polled by FactSet had expected earnings of $1.99 a share on sales of $1.78 billion. In the year-earlier period, Garmin earned $1.99 a share on sales of $1.59 billion. "We achieved another quarter of strong financial results with growth in both consolidated revenue and operating income, and we experienced strong double-digit revenue growth in three business segments reflecting the strength of our unique, diversified business model," Chief Executive Cliff Pemble said in a news release. "Looking ahead, we are well positioned for the holiday selling season with a strong lineup of innovative products." Garmin makes devices for golfers, boaters, hikers, runners and other outdoor enthusiasts. For the full year, Garmin now expects to earn $8.15 a share on sales of $7.1 billion. Analysts had been modeling earnings of $8.16 a share on sales of $7.17 billion. In premarket trades on the stock market today, Garmin stock sank more than 7% to 230. Garmin stock is on the IBD Tech Leaders list. Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks. YOU MAY ALSO LIKE: Adobe Ramps Up Generative AI Offerings For Creators Zebra Technologies Tops Q3 Views, Guides Above Estimates Discover Profitable Trades Each Day With MarketDiem. See How. Find Winning Stocks With MarketSurge Pattern Recognition & Custom Screens
