Stock Alert: Garmin Ltd. (GRMN) Shares Hit New 52-Week High

(RTTNews) - Shares of Garmin Ltd. (GRMN) touched a new 52-week high of $104.96 today, after the company reported better-than-expected Q4 results and upbeat FY guidance.

The company, today, reported Q4 net income of $360.79 million or $1.89 per share compared to $190.15 million or $1.00 per share last year.

Excluding items, Garmin reported adjusted earnings of $246.38 million or $1.29 per share for the period.

Revenue for the quarter rose 18.3% to $1.10 billion from $0.93 billion last year.

Analysts polled by Thomson Reuters expected earnings of $1.04 per share on revenue of $1.01 billion for the quarter. Analysts' estimates typically exclude certain special items.

For fiscal 2020, the company now projects pro forma earnings to be about $4.60 per share on revenues of about $4.0 billion as growth in fitness, outdoor and marine is partially offset by declines in the auto segment. Analysts estimate earnings of $4.34 per share on revenues of $3.84 billion for the year.