Stock of Garmin Ltd. (GRMN) is rising over 11 percent on Wednesday after reporting first-quarter profit of $275.96 million, or $1.43 per share compared to $202.33 million, or $1.05 per share, in last year's first quarter.
On adjusted basis, profit amounted to $274.04 million or $1.42 per share, which was higher than analysts' expectation of $1.01 per share.
The company's revenue rose to $1.38 billion from $1.15 billion last year.
Currently, Garmin's stock is rising 11.30 percent, to $160.99 over the previous close of $144.47 on the New York Stock Exchange. It has traded in the range of $96.04 to $161.99 in the last one year.
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