Market Insider

Garmin shares jump on strong earnings, sales beat

Garmin | YouTube

Shares of GPS navigation-maker Garmin climbed more than 7 percent Wednesday, after the company reported fourth-quarter earnings and revenue that beat forecasts.

The Switzerland-based company reported adjusted earnings of 73 cents per share, topping a Thomson Reuters consensus estimate of 57 cents.

Garmin reported revenue of $861 million for the fourth quarter, also beating Reuters' expectations of $792.9 million.

The firm issued guidance for the full year 2017, saying it expects revenue to reach $3.02 billion, built on growth in its outdoor segment.

Garmin's outdoor business grew 46 percent for the quarter, more than the brand's fitness, marine, aviation and auto categories.

Garmin price performance year-to-date vs S&P 500

Source: FactSet

Shares of Garmin have gained more than 11 percent so far this year, almost twice the S&P 500's near 6 percent gain.