Garmin Ltd. (NASDAQ: GRMN) has surprised many savvy investors and speculators who were betting against the company. That surprise has lasted some time and shares are now going to be at a new 52-week high. The PND and GPS leader reported earnings above expectations after showing its first gain in a few quarters in sales of its personal navigation devices and outdoor and fitness products.
As far as guidance, Garmin now sees earnings of $2.45 to $2.60 per share on an adjusted basis nd sees sales in a range of $2.7 billion to $2.8 billion for the full year. Thomson Reuters has estimates of $2.41 EPS on $2.55 billion in sales.
Shares are trading up a whopping 11.2% at $49.72 in the pre-market trading session this Wednesday. The prior 52-week trading range is $29.23 to $45.62 and Garmin is now within range of having a $10 billion market capitalization rate again.