Subtext

Garmin Ltd. GRMN

SectorConsumer Discretionary
Transcripts53
Date range2012-05-02 – 2025-04-30
Calls charted53

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-18-9+0+9+182012 Q12013 Q42015 Q32017 Q22019 Q12020 Q42022 Q32024 Q22012 Q1 · Overall: +10.62012 Q2 · Overall: +5.52012 Q3 · Overall: +5.52012 Q4 · Overall: +8.12013 Q1 · Overall: +7.72013 Q2 · Overall: +5.62013 Q3 · Overall: +5.62013 Q4 · Overall: +12.12014 Q1 · Overall: +10.62014 Q2 · Overall: +6.62014 Q3 · Overall: +9.62014 Q4 · Overall: +13.42015 Q1 · Overall: +4.42015 Q2 · Overall: +2.62015 Q3 · Overall: +0.42015 Q4 · Overall: +5.72016 Q1 · Overall: +4.02016 Q2 · Overall: +5.02016 Q3 · Overall: +9.32016 Q4 · Overall: +8.82017 Q1 · Overall: +14.72017 Q2 · Overall: +8.22017 Q3 · Overall: +4.92017 Q4 · Overall: +6.72018 Q1 · Overall: +7.22018 Q2 · Overall: +12.62018 Q3 · Overall: +7.92018 Q4 · Overall: +11.12019 Q1 · Overall: +9.52019 Q2 · Overall: +14.82019 Q3 · Overall: +11.22019 Q4 · Overall: +9.82020 Q1 · Overall: +3.52020 Q2 · Overall: +8.02020 Q3 · Overall: +13.32020 Q4 · Overall: +9.82021 Q1 · Overall: +12.52021 Q2 · Overall: +9.42021 Q3 · Overall: +8.62021 Q4 · Overall: +11.42022 Q1 · Overall: +5.92022 Q2 · Overall: +6.72022 Q3 · Overall: +3.32022 Q4 · Overall: +7.52023 Q1 · Overall: +10.42023 Q2 · Overall: +3.32023 Q3 · Overall: +11.62023 Q4 · Overall: +8.32024 Q1 · Overall: +11.02024 Q2 · Overall: +9.62024 Q3 · Overall: +15.82024 Q4 · Overall: +14.22025 Q1 · Overall: +7.0
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-33-16+0+16+332012 Q12013 Q42015 Q32017 Q22019 Q12020 Q42022 Q32024 Q22012 Q4 · CEO: +19.52013 Q1 · CEO: +15.12013 Q2 · CEO: +15.52013 Q3 · CEO: +18.12013 Q4 · CEO: +20.52014 Q1 · CEO: +20.12014 Q2 · CEO: +14.32014 Q3 · CEO: +19.12014 Q4 · CEO: +21.02015 Q1 · CEO: +14.22015 Q2 · CEO: +8.92015 Q3 · CEO: +8.22015 Q4 · CEO: +13.22016 Q2 · CEO: +15.12016 Q3 · CEO: +16.22016 Q4 · CEO: +17.12017 Q1 · CEO: +25.02017 Q2 · CEO: +20.82017 Q3 · CEO: +12.92017 Q4 · CEO: +17.52018 Q1 · CEO: +10.32018 Q2 · CEO: +21.22018 Q3 · CEO: +19.52018 Q4 · CEO: +20.32019 Q1 · CEO: +17.22019 Q2 · CEO: +28.62019 Q3 · CEO: +18.92019 Q4 · CEO: +18.12020 Q1 · CEO: +7.82020 Q2 · CEO: +11.12020 Q3 · CEO: +20.72020 Q4 · CEO: +14.52021 Q1 · CEO: +22.42021 Q2 · CEO: +11.72021 Q3 · CEO: +13.62021 Q4 · CEO: +20.12022 Q1 · CEO: +11.42022 Q2 · CEO: +14.62022 Q3 · CEO: +8.62022 Q4 · CEO: +15.12023 Q1 · CEO: +17.62023 Q2 · CEO: +7.62023 Q3 · CEO: +20.42023 Q4 · CEO: +15.62024 Q2 · CEO: +15.02024 Q3 · CEO: +21.62024 Q4 · CEO: +24.52025 Q1 · CEO: +10.02012 Q1 · CFO: +6.12012 Q2 · CFO: +5.82012 Q3 · CFO: +4.12012 Q4 · CFO: -0.42013 Q1 · CFO: +9.52013 Q2 · CFO: +3.42013 Q3 · CFO: +2.12013 Q4 · CFO: +7.92014 Q1 · CFO: +10.32014 Q3 · CFO: +12.62014 Q4 · CFO: +10.52015 Q1 · CFO: +11.72015 Q2 · CFO: +3.72015 Q3 · CFO: +6.42015 Q4 · CFO: +3.32016 Q2 · CFO: +4.12016 Q3 · CFO: +8.32016 Q4 · CFO: +7.62017 Q1 · CFO: +19.32017 Q2 · CFO: +10.62017 Q3 · CFO: +2.12017 Q4 · CFO: +5.22018 Q1 · CFO: +14.22018 Q2 · CFO: +7.92018 Q3 · CFO: +12.02018 Q4 · CFO: +9.12019 Q1 · CFO: +7.72019 Q2 · CFO: +9.42019 Q3 · CFO: +9.42019 Q4 · CFO: +8.42020 Q1 · CFO: +3.62020 Q2 · CFO: +10.32020 Q3 · CFO: +15.02020 Q4 · CFO: +9.52021 Q1 · CFO: +12.72021 Q2 · CFO: +6.52021 Q3 · CFO: +8.12021 Q4 · CFO: +2.72022 Q1 · CFO: +6.52022 Q2 · CFO: -1.02022 Q3 · CFO: +3.22022 Q4 · CFO: +0.82023 Q1 · CFO: +6.72023 Q2 · CFO: +10.32023 Q3 · CFO: +8.72023 Q4 · CFO: +11.42024 Q2 · CFO: +13.02024 Q3 · CFO: +25.52024 Q4 · CFO: +13.62025 Q1 · CFO: +11.6
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-48-24+0+24+482012 Q12013 Q42015 Q32017 Q22019 Q12020 Q42022 Q32024 Q22012 Q1 · Prepared remarks: +11.62012 Q2 · Prepared remarks: +11.72012 Q3 · Prepared remarks: +11.92012 Q4 · Prepared remarks: +11.92013 Q1 · Prepared remarks: +13.92013 Q2 · Prepared remarks: +9.62013 Q3 · Prepared remarks: +13.32013 Q4 · Prepared remarks: +13.32014 Q1 · Prepared remarks: +23.22014 Q2 · Prepared remarks: +17.32014 Q3 · Prepared remarks: +11.62014 Q4 · Prepared remarks: +14.52015 Q1 · Prepared remarks: +15.82015 Q2 · Prepared remarks: +7.12015 Q3 · Prepared remarks: +10.92015 Q4 · Prepared remarks: +9.72016 Q1 · Prepared remarks: +33.32016 Q2 · Prepared remarks: +15.42016 Q3 · Prepared remarks: +12.62016 Q4 · Prepared remarks: +15.72017 Q1 · Prepared remarks: +25.72017 Q2 · Prepared remarks: +18.82017 Q3 · Prepared remarks: +18.92017 Q4 · Prepared remarks: +14.52018 Q1 · Prepared remarks: +15.52018 Q2 · Prepared remarks: +21.52018 Q3 · Prepared remarks: +14.62018 Q4 · Prepared remarks: +17.52019 Q1 · Prepared remarks: +16.92019 Q2 · Prepared remarks: +25.72019 Q3 · Prepared remarks: +21.32019 Q4 · Prepared remarks: +18.92020 Q1 · Prepared remarks: +6.12020 Q2 · Prepared remarks: +9.82020 Q3 · Prepared remarks: +18.82020 Q4 · Prepared remarks: +17.42021 Q1 · Prepared remarks: +18.52021 Q2 · Prepared remarks: +15.62021 Q3 · Prepared remarks: +13.82021 Q4 · Prepared remarks: +15.52022 Q1 · Prepared remarks: +11.12022 Q2 · Prepared remarks: +6.82022 Q3 · Prepared remarks: +7.82022 Q4 · Prepared remarks: +9.42023 Q1 · Prepared remarks: +14.62023 Q2 · Prepared remarks: +9.22023 Q3 · Prepared remarks: +15.22023 Q4 · Prepared remarks: +13.72024 Q1 · Prepared remarks: +22.62024 Q2 · Prepared remarks: +14.62024 Q3 · Prepared remarks: +25.52024 Q4 · Prepared remarks: +25.02025 Q1 · Prepared remarks: +15.02012 Q1 · Q&A responses: +8.52012 Q2 · Q&A responses: +4.22012 Q3 · Q&A responses: +2.12012 Q4 · Q&A responses: +5.92013 Q1 · Q&A responses: +9.32013 Q2 · Q&A responses: +4.72013 Q3 · Q&A responses: +5.22013 Q4 · Q&A responses: +9.32014 Q1 · Q&A responses: +9.12014 Q2 · Q&A responses: +4.82014 Q3 · Q&A responses: +15.22015 Q1 · Q&A responses: +10.12015 Q2 · Q&A responses: +8.12015 Q3 · Q&A responses: +4.22015 Q4 · Q&A responses: +9.92016 Q1 · Q&A responses: +6.22016 Q2 · Q&A responses: +5.02016 Q3 · Q&A responses: +15.82016 Q4 · Q&A responses: +10.02017 Q1 · Q&A responses: +18.92017 Q2 · Q&A responses: +14.22017 Q3 · Q&A responses: +4.02017 Q4 · Q&A responses: +10.42018 Q1 · Q&A responses: +8.62018 Q2 · Q&A responses: +13.12018 Q3 · Q&A responses: +41.72018 Q4 · Q&A responses: +13.72019 Q1 · Q&A responses: +10.82019 Q2 · Q&A responses: +19.02019 Q3 · Q&A responses: +12.42019 Q4 · Q&A responses: +10.42020 Q1 · Q&A responses: +7.92020 Q2 · Q&A responses: +11.12020 Q3 · Q&A responses: +18.12020 Q4 · Q&A responses: +10.82021 Q1 · Q&A responses: +19.42021 Q2 · Q&A responses: +6.82021 Q3 · Q&A responses: +11.12021 Q4 · Q&A responses: +14.12022 Q1 · Q&A responses: +9.82022 Q2 · Q&A responses: +13.62022 Q3 · Q&A responses: +5.82022 Q4 · Q&A responses: +11.62023 Q1 · Q&A responses: +16.22023 Q2 · Q&A responses: +6.62023 Q3 · Q&A responses: +18.12023 Q4 · Q&A responses: +15.02024 Q1 · Q&A responses: +12.12024 Q2 · Q&A responses: +13.82024 Q3 · Q&A responses: +15.22024 Q4 · Q&A responses: +16.02025 Q1 · Q&A responses: +5.4
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.94$4.37$6.812012 Q12013 Q42015 Q32017 Q22019 Q12020 Q42022 Q32024 Q22014 Q1: $2.652014 Q2: $2.872014 Q3: $3.142014 Q4: $3.242015 Q1: $3.152015 Q2: $3.102015 Q3: $2.742015 Q4: $2.302016 Q1: $2.272016 Q2: $2.322016 Q3: $2.552016 Q4: $2.682017 Q1: $2.662017 Q2: $2.712017 Q3: $2.832017 Q4: $2.972018 Q1: $3.102018 Q2: $3.212018 Q3: $3.362018 Q4: $3.522019 Q1: $3.792019 Q2: $3.802019 Q3: $4.042019 Q4: $4.342020 Q1: $4.682020 Q2: $3.902020 Q3: $4.462020 Q4: $5.082021 Q1: $5.332021 Q2: $5.682021 Q3: $6.112021 Q4: $6.192022 Q1: $6.182022 Q2: $6.292022 Q3: $5.372022 Q4: $5.372023 Q1: $5.372023 Q2: $5.502023 Q3: $5.552023 Q4: $5.672024 Q1: $5.522024 Q2: $5.912024 Q3: $6.47

Forward P/E

12.2620.5428.812012 Q12013 Q42015 Q32017 Q22019 Q12020 Q42022 Q32024 Q22014 Q1: 20.552014 Q2: 21.342014 Q3: 16.912014 Q4: 16.482015 Q1: 15.442015 Q2: 14.562015 Q3: 13.402015 Q4: 15.842016 Q1: 17.302016 Q2: 18.202016 Q3: 18.322016 Q4: 18.242017 Q1: 19.512017 Q2: 19.082017 Q3: 18.572017 Q4: 20.482018 Q1: 19.412018 Q2: 19.392018 Q3: 20.592018 Q4: 17.662019 Q1: 22.132019 Q2: 21.482019 Q3: 21.262019 Q4: 22.462020 Q1: 15.322020 Q2: 24.582020 Q3: 22.062020 Q4: 23.292021 Q1: 23.722021 Q2: 24.952021 Q3: 27.672021 Q4: 21.882022 Q1: 18.102022 Q2: 15.422022 Q3: 16.442022 Q4: 17.842023 Q1: 17.862023 Q2: 19.362023 Q3: 19.172023 Q4: 22.382024 Q1: 26.892024 Q2: 27.192024 Q3: 26.24

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q2 tone ↓ -4.0 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q4 tone ↑ +5.3 fwd EPS ↓ -0.44 Tone rose while the forward EPS estimate was cut.
  • 2017 Q2 tone ↓ -6.4 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -3.4 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -4.8 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -3.6 fwd EPS ↑ +0.24 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -6.3 fwd EPS ↑ +0.34 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +4.4 fwd EPS ↓ -0.77 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↓ -3.4 fwd EPS ↑ +0.62 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -3.1 fwd EPS ↑ +0.35 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↓ -7.2 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q4 tone ↓ -3.4 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↑ +2.8 fwd EPS ↓ -0.15 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-30+7.0——View →
2024 Q42025-02-19+14.2——View →
2024 Q32024-10-30+15.8$6.4726.2View →
2024 Q22024-07-31+9.6$5.9127.2View →
2024 Q12024-05-01+11.0$5.5226.9View →
2023 Q42024-02-21+8.3$5.6722.4View →
2023 Q32023-11-01+11.6$5.5519.2View →
2023 Q22023-08-02+3.3$5.5019.4View →