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Aug 2(Reuters) - Garmin Ltd, a maker of GPS-based gadgets, reported a better-than-expected quarterly profit on Wednesday, as robust sales of its outdoor products more than offset tepid demand for its fitness and automobile devices.
Shares of the company rose 6.6 percent to $53.29 in premarket trading.
Net sales in Garmin's outdoor business, surged 46.3 percent to a record $194.8 million in the second quarter July 1 and marked the seventh straight quarterly increase. The business includes products such as pet trackers and the Fenix and Approach series of sports watches.
Switzerland-based Garmin also raised its annual revenue forecast to $3.04 billion from $3.02 billion.
However, sales in Garmin's auto products business, its biggest, dipped 15.2 percent to $208.5 million.
Demand in the auto business has been declining for years amid a slowdown in the personal navigation devices market.
Sales from Garmin's fitness device business also fell about 15 percent amid stiff competition from makers of smartwatches and wearable health trackers such as Fitbit Inc and Apple Inc.
Net income attributable to Garmin rose to $171 million, or 91 cents per share in the second quarter, from $161.1 million, or 85 cents per share, a year earlier.
On a pro-forma basis, the company earned 88 cents per share, beating analysts' average estimate of 81 cents, according to Thomson Reuters I/B/E/S.
Revenue rose slightly to $816.9 million. Analysts had expected $807.7 million. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur and Sai Sachin Ravikumar)