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.
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