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Garmin shares hit new 52-week high after strong earnings beat, raised guidance

Garmin shares soared 11 percent Wednesday after the company reported second-quarter earnings that blew estimates out of the water.

The company posted pro forma earnings of 87 cents a share on revenues of $812 million. Analysts had expected the company to report earnings of 67 cents a share on $763 million in revenue, according to a Thomson Reuters consensus estimate.

The stock hit at 52-week intraday high of $52.14.

Garmin also raised its guidance after evaluating its performance in the first half of the year, President and CEO Cliff Pemble said in a statement.

"Fitness and outdoor achieved impressive revenue and profit growth driven by our strengthening position in the wearables market. Aviation and marine also delivered revenue and profit growth while auto remains a solid base of profit contributions to the overall business," Pemble said.

Garmin now sees full-year pro forma earnings of about $2.50 a share on revenues of about $2.9 billion. The company had previously forecast earnings of about $2.25 per share on $2.82 billion in revenue.

The stock has been on fire this year, gaining more than 39 percent.