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NEW YORK (TheStreet) -- Garmin (GRMN) - Get Free Report stock is spiking Wednesday after the navigation equipment manufacturer reported first-quarter earnings far higher than analysts' estimates and as revenue surged. 

By midmorning, shares had added 5.1% to $57.91.

Over the three months to March, the company earned 55 cents a share, 11 cents higher than analysts polled by Thomson Reuters forecast. Revenue climbed 9.6% year over year to $583.22 million, exceeding sales estimates of $541 million. 

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TheStreet Ratings team rates GARMIN LTD as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate GARMIN LTD (GRMN) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, notable return on equity and growth in earnings per share. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

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