Garmin spikes after a huge earnings beat

Navigation technology company Garmin's shares are up about 10% on Wednesday after the company released impressive fourth quarter results.

The company says its earned $0.72 per share, comfortably beating the FactSet consensus of 58 cents. Sales were up 10% at $861 million. The company's gross and operating margins stood at 54.7% and 18.6% respectively.

The stock is now within striking distance of its 52-week high, boosted by a bullish management outlook for 2017 earnings. The company said it expects (pro-forma) per share earnings of $2.65, and sales of over $3 billion, in 2017.

The strong Q4 performance was helped by double-digit growth in sales across the various segments of its business, except the auto unit that experienced a double-digit sales plunge. Units other than auto grew by a combined 25% and contributed to 74% of all revenues.

Markets Insider