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Key Takeaways

• Garmin's fourth-quarter results and full-year outlook exceeded analysts' expectations, sending shares to an all-time high Wednesday.

• The maker of navigation and fitness devices said its full-year revenue reached a record high.

• With Wednesday's gains, Garmin shares have nearly doubled in value over the past 12 months.

Garmin (GRMN) shares surged to an all-time high Wednesday after the company's fourth-quarter results and full-year outlook exceeded analysts' expectations.

The maker of navigation and fitness devices posted pro-forma earnings per share (EPS) of $2.41 for the fourth quarter, a 40% jump from the year before. Revenue was up 23% to $1.82 billion. Both figures topped estimates compiled by Visible Alpha.

The gains came as sales grew 31% at Garmin's fitness division, 30% at its auto OEM segment, and 29% at its outdoor segment, trailed by a 9% rise in aviation, and 5% climb in its marine division. The performance helped Garmin's full-year revenue reach a record high at $6.3 billion.

CEO Cliff Pemble credited the company's success to its “robust product lineup,” and said Garmin has “many product launches” set for the year ahead.

The company said it anticipates pro-forma EPS of $7.80 for fiscal 2025 and sales of $6.8 billion, above analysts' projections.

Garmin shares were up over 12% at $242.34 in Wednesday afternoon trading after setting a new intraday record at $246.40 earlier in the session. The stock has nearly doubled in value over the past 12 months.

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