(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.
Also Read
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.
(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Arun Koyyur)
Disclaimer: No Business Standard Journalist was involved in creation of this content