Garmin Up 10% After Bearing Earnings Estimates

Shares of Garmin GRMN are up 10% after the company beat earnings estimates this morning. Total revenue of $910 million, up 9% from $838 million in fourth quarter 2010, with each business segment contributing to growth. “Entering 2011, we forecasted $2.5 billion of revenue and $2.50 of EPS. I am pleased to say that we far exceeded those targets through a combination of solid execution by our associates and successful acquisitions that further diversify our company in both products and geographies,” said Dr. Min Kao, chairman and chief executive officer of Garmin Ltd. “The business generated free cash flow of $784 million. We returned $311 million to shareholders through our quarterly dividend and used an additional $54 million to fund acquisitions. We will continue to use both of these strategies to grow long-term shareholder value.