NEW YORK (TheStreet) -- Shares of Garmin (GRMN) - Get Report were up 6.65% to $52.80 in pre-market trading on Wednesday after reporting better-than-expected results for the third-quarter and lifting its outlook for the year.
Before the market open, the Swiss-based maker of GPS devices reported pro forma earnings of 75 cents per share, beating analysts' estimates of 54 cents per share.
Revenue grew 6% year-over-year to $722.3 million and topped analysts' projections of $680.3 million. Sales were driven by 24% total growth in the company's fitness, outdoor, marine and aviation segments, which together contributed 70% of total revenue, Garmin said in a statement.
For the full year, Garmin now expects to report pro forma earnings of $2.65 per share on revenue of $2.95 billion, up from per-share earnings of $2.50 on $2.90 billion in revenue.
Analysts surveyed by Thomson Reuters are looking for earnings of $2.52 per share on $2.91 billion in revenue for the year.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.
Garmin's strengths include its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures.
You can view the full analysis from the report here: GRMN
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