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Here’s Why Garmin Shares Are Up Today Despite Declines for Fitness Trackers

November 1, 2017, 12:04 PM UTC

Garmin reported a higher-than-expected profit for the eighth straight quarter, selling more of its GPS-based outdoor activity gadgets such as underwater watches, leading it to raise its full-year revenue forecast.

The Switzerland-based company’s shares were up 3.7% at $58.70 in premarket trading on Wednesday.

Garmin said it expects a revenue of $3.07 billion for the full year, above analysts’ average estimate of $3.04 billion, according to Thomson Reuters.

Revenue at the outdoor business, which makes wearable devices such as Fenix watches, rose 31.2% in the third quarter ended Sept. 30.

The aviation and marine units also buoyed the quarter, offsetting declines in fitness and its auto business.

The company’s net income rose to $147.4 million, or 78 cents per share, in the third quarter, from $125.1 million, or 66 cents, a year earlier.

It reported proforma earnings of 75 cents per share, above analysts’ estimate of 66 cents.

Garmin’s net sales rose to $743.1 million, above the average estimate of $721.2 million.