NEW YORK (TheStreet) -- Shares of Garmin (GRMN) are up 7.45% to $61.87 in pre-market trade after the navigation equipment maker reported an 11.7% jump in its second quarter revenue, helped by higher sales of its GPS-based fitness products, Reuters reports.
The company's net income climbed to $182 million, or 93 cents per share, in the quarter ended June 28, from $172.5 million, or 88 cents per share, a year ago.
Revenue was $777.8 million, up from $696.6 million.
Analysts polled by Thomson Reuters most recently forecast earnings of 76 cents a share and revenue of $710 million
The company also sharply lifted its outlook for the year, citing strong results in the first half. Garmin now expects earnings between $2.95 and $3.05 a share on revenue between $2.75 billion and $2.85 billion. The company had previously expected per-share earnings between $2.50 and $2.60 on revenue of $2.6 billion to $2.7 billion, the Wall Street Journal noted.
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 several positive factors, 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 compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."