UPDATE 2-Aviation, fitness sales drive Garmin profit; shares jump

Wed Feb 19, 2014 1:28pm EST
 
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* Q4 adj profit $0.76/shr vs est $0.62/shr

* Q4 rev $759.7 mln vs est $712.8 mln

* Sees 2014 adj profit $2.50-$2.60/shr vs est $2.56/shr

* Sees 2014 rev $2.6-$2.7 bln vs est $2.58 bln

* Shares rise as much as 12 pct (Adds analyst comment; updates shares)

By Soham Chatterjee

Feb 19 (Reuters) - Garmin Ltd handily beat quarterly profit estimates and forecast a strong 2014 as sales of GPS-based fitness, aviation and outdoor products more than made up for shrinking sales of personal navigation devices, a market it once dominated.

Garmin shares jumped as much as 12 percent to $52.72 - their highest in six years. The stock, however, is still a far cry from the high of $124 it hit in 2007, when personal navigation devices were high in demand and featured on most year-end gifting lists.

Garmin said on Wednesday it expects revenue to grow 10-15 percent from businesses other than its personal navigation device unit, where revenue is expected to fall 10-15 percent.   Continued...