SCHAFFHAUSEN, Switzerland (AP) _ Garmin Ltd. (GRMN) on Wednesday reported fourth-quarter net income of $138.8 million.
The Schaffhausen, Switzerland-based company said it had net income of 73 cents per share. Earnings, adjusted for non-recurring costs and pretax expenses, came to 79 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.
The maker of personal navigation devices posted revenue of $888.5 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $873.3 million.
For the year, the company reported profit of $695 million, or $3.68 per share. Revenue was reported as $3.09 billion.
Garmin expects full-year earnings to be $3.05 per share, with revenue expected to be $3.2 billion.
Garmin shares have risen nearly 9 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 2 percent. The stock has climbed 28 percent in the last 12 months.