GPS and consumer electronics maker Garmin Ltd (GRMN) soared today after reporting that fourth-quarter earnings more than doubled from a year ago.
The device maker reported Wednesday morning revenue of $611 million, far above the Street average of $523 million. Earnings per share (EPS) came in at 82 cents a share, or 87 cents whereas many Wall Street analysts had expected 57 cents.
For 2007, the company sees revenues hitting $2.5 billion, with EPS of more than $2.70 a share. The previous average was for $2.21 billion in revenue and $2.38 a share.
Shares of the company rose 5.69 percent, or $2.99 to $55.70 on in afternoon trading on the Nasdaq Stock Market.