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Garmin shares surge 12% on upbeat earnings, outlook

(9:50 AM ET) SAN FRANCISCO (MarketWatch) -- Garmin Ltd.shares climbed $6.15 a share, to $58.83 in early trading Wednesday after the maker of global-positioning navigation and communication gear reported fourth-quarter earnings that more-than-doubled from a year ago. Before the market opened, Garmin said it earned $180.3 million, or 82 cents a share, up from $87.1 million, or 40 cents a share in the year-ago-quarter. Revenue also nearly doubled to $611.2 million from $319.3 million a year ago. Analysts surveyed by Thomson Financial had forecast Garmin to earn 58 cents a share revenue of $525 million. Garmin also forecast a 2007 fiscal-year profit of $2.70 a share on $2.5 billion in revenue.