Garmin forecasts higher full-year revenue, shares rise

(Reuters) - Garmin Ltd reported quarterly results that beat Wall Street estimates on Wednesday on the back of higher demand for its smartwatches and navigation systems and forecast full-year revenue above expectations.

Shares of the company rose 4.2 percent to $73.97 in light trading before the bell.

Garmin, which started as a navigation device maker, has benefited in recent years from growing demand for smartwatches and other wearable fitness devices that track everything from heart rates and calories to a pet's movement.

The company, which competes with the likes of Apple Inc, Fitbit Inc and TomTom, forecast full-year revenue of about $3.5 billion.

Analysts were expecting revenue of $3.43 billion, according to IBES data from Refinitiv.

Sales in its outdoor segment, that sells smartwatches to campers and travelers, rose about 25 percent in the quarter.

Net income rose to $190.15 million, or $1 per share, in the fourth quarter ended Dec.29, from $142.55 million, or 75 cents per share, a year earlier.

Excluding items, it earned $1.02 per share and beat the average analyst estimate of 80 cents, according to IBES data from Refinitiv.

Net sales rose about 4 percent to $932.1 million in the quarter.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Arun Koyyur)