Shares of Garmin Ltd. (GRMN) were rising sharply Wednesday after the tech hardware company posted earnings that beat analysts' expectations.
The stock was up 13.19% to $80.33 a share in premarket trading. Garmin's market cap is $13.4 billion.
Garmin posted earnings of $1 a share for the fourth quarter, handily beating expectations of 80 cents. The EPS number represents a 33% increase from the fourth of 2017. Revenue was $932 million, also easily beating analysts' expectations of $891 million.
"2018 was another remarkable year of revenue and operating income growth driven by strong performance in our aviation, marine, outdoor and fitness segments," said Cliff Pemble, Garmin's president and CEO. "Entering 2019, we see many opportunities ahead and believe that we are well positioned to seize these opportunities with a strong lineup of products across all of our segments."
Garmin guided for full-year 2019 EPS of $3.70 on revenue of $3.5 billion. Analysts were expecting earnings of $3.52 a share on revenue of $3.43 billion.
The company also increased its yearly dividend to $2.28 a share, or 57 cents per quarter.
The stock has risen 25% in the past year.