UPDATE: Garmin Q1 Results Beat Street View

Garmin GRMN reported stronger-than-expected first-quarter earnings. Garmin's quarterly net income surged to $118.8 million, or $0.61 per share, versus $88.7 million, or $0.45 per share, in the year-ago period. Its pro-forma earnings jumped 38% to $0.55 per share from $0.40 per share. Its revenue climbed 10% to $583.2 million. However, analysts were projecting earnings of $0.44 per share on revenue of $541 million. Garmin's sales at the fitness business jumped 38% to $100.3 million, while sales at the automotive/mobile business declined 4%. Its sales in the aviation business surged 19% to $95.9 million in the period. Cliff Pemble, president and CEO of Garmin said, “We have had a great start to 2014 with revenue, operating income and pro forma EPS growth; yet, we realize that we cannot be complacent.” The executive added, “The markets that we serve are dynamic and competitive so we must capitalize on our strong portfolio of products in 2014 while also identifying new opportunities and innovations that will provide future growth potential.” Garmin shares climbed 5.35% to $58.04 in pre-market trading.