(Reuters) – Garmin Ltd reported quarterly results that beat Wall Street estimates on Wednesday on the back of higher demand for its smartwatches and navigation systems and forecast full-year revenue above expectations.
Shares of the company rose 4.2 percent to $73.97 in light trading before the bell.
Garmin, which started as a navigation device maker, has benefited in recent years from growing demand for smartwatches and other wearable fitness devices that track everything from heart rates and calories to a pet’s movement.
The company, which competes with the likes of Apple Inc, Fitbit Inc and TomTom, forecast full-year revenue of about $3.5 billion.
Analysts were expecting revenue of $3.43 billion, according to IBES data from Refinitiv.
Sales in its outdoor segment, that sells smartwatches to campers and travelers, rose about 25 percent in the quarter.
Net income rose to $190.15 million, or $1 per share, in the fourth quarter ended Dec.29, from $142.55 million, or 75 cents per share, a year earlier.
Excluding items, it earned $1.02 per share and beat the average analyst estimate of 80 cents, according to IBES data from Refinitiv.
Net sales rose about 4 percent to $932.1 million in the quarter.
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