NEW YORK (TheStreet) -- Shares of Garmin (GRMN) - Get Report are jumping 10.91% to $51.45 on heavy trading volume Wednesday afternoon after the Swiss company's earnings and revenue handily beat analysts' estimates.
Before today's market open, the maker of GPS navigation devices and wearables posted adjusted earnings of 87 cents per share, surpassing analysts' expectations of 67 cents per share.
Revenue rose 5% to $812 million year-over-year and was also above analysts' projections of $763 million.
Sales from Garmin's fitness outdoor, marine and aviation units collectively jumped 20% from last year quarter and made up 70% of total revenue.
For 2016, the company now forecasts adjusted earnings of $2.50 per share on revenue of about $2.9 billion, up from its prior view of $2.25 per share on revenue of $2.82 billion.
Analysts are looking for earnings of $2.29 per share on revenue of $2.84 billion.
About 3.5 million of the company's shares changed hands so far today compared to its average 30-day volume of 815,704 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, expanding profit margins and good cash flow from operations.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: GRMN