Garmin Ltd. (NASDAQ:GRMN) stock popped as the company reported second-quarter results.
The company earned 87 cents per share for its most recent three-month period. This figure surpassed the consensus estimate of 67 cents that Wall Street had expected.
Additionally, the quarter helped Garmin net $812 million, which surpassed the $763.37 million projection. CEO Cliff Pemble commented on the company’s success, attributing the positive figures to an expansion of its electronic fitness devices.
It was an especially strong period for the company’s business in Europe, the Middle East, Africa and in the Asia-Pacific region.
Garmin also updated its full-year guidance to earnings of $2.50 per share for 2016. Additionally, revenue is slated to come in at around $2.9 billion–higher than the $2.84 billion that analysts polled by Thomson Reuters expected.
The company has been around since 1989, when Gary Burrell and Min Kao started it from a small town in Kansas. Garmin’s business primarily consists of fitness trackers and GPS technology used for the outdoors, flying and navigating underwater.
It first went public late in 2000 when Burrell and Kao — 19.9 million and 20.4 million respectively — had a combined 45% stake on the company. This figure surpassed the halfway mark when adding Kao’s brother to the mix, who owned nearly 8 million shares.
One of the best fitness devices out there at the moment is the Nexus 6P phone, which comes with the company’s vivofit activity tracker once you purchase it. The Garmin gadget is more personal than most fitness wearables, offering a heartfelt greeting once yow have it.
GRMN shares rose 11.8% Wednesday.
