Outdoor recreation, fitness and navigation device maker Garmin (GRMN) on Wednesday crushed Wall Street’s targets for the first quarter. But Garmin stock dropped in early trading.
The Olathe, Kan.-based company earned an adjusted $1.18 a share on sales of $1.07 billion in the March quarter. Analysts expected Garmin earnings of 89 cents a share on sales of $937.7 million. In the year-earlier period, Garmin earnings were 91 cents a share on sales of $856.1 million.
In premarket trading on the stock market today, Garmin stock fell 0.3%, near 140.70.
On April 5, Garmin stock broke out of a flat base at a buy point of 133.53, according to IBD MarketSmith charts. It ended the regular session Tuesday just above the 5% chase zone of its breakout. Earlier in the session Tuesday, Garmin stock notched an all-time high of 142.94.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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