UPDATE: Garmin Posts Upbeat Q4 Earnings

Garmin

reported upbeat fourth-quarter earnings. Garmin's quarterly net income surged to $163.6 million, or $0.83 per share, versus $129.3 million, or $0.66 per share, in the year-ago period. Excluding items, it earned $0.76 per share. Its revenue declined 1% to $759.7 million. However, analysts were estimating earnings of $0.62 per share on revenue of $712.8 million. Garmin shares closed at $47.17 yesterday.