Feb. 19--Earnings at Olathe-based Garmin jumped 26.5 percent in the final months of 2013 thanks to lower advertising costs and a favorable swing in currency values, the company said Wednesday.
The $163.6 million profit equaled 83 cents a share compared with the $129.3 million profit, equal to 66 cents a share, in the fourth quarter of 2012.
Its shares jumped on the report, gaining $3.76, or 8 percent, to $50.93 in morning trading.
Garmin's higher earnings came despite a slight dip in revenues in the quarter. Sales totaled reached $759.7 million during the three months.
Sales fell 12 percent in Garmin's legacy automotive and personal navigation device business but the decline was offset by gains in its aviation, outdoor, fitness and marine businesses.
Garmin's four smaller divisions combined to generate just under half of its revenues in the fourth quarter and grew 14 percent.
Profits benefited from a favorable swing in currency exchange rates. The changes boosted Garmin's bottom line by $17.2 million in the recent quarter after reducing it by $3.9 million a year earlier.
For all of 2013, Garmin earned $612.4 million on sales of $2.63 billion. In 2012 it earned $542.4 million on sales of $2.72 billion.
The company said it expects 2014 sales to range between $2.6 billion and $2.7 billion with earnings of $2.50 a share to $2.60 a share.
Garmin also said its chief financial officer Kevin Rauckman has decided to leave the company in the coming year. Rauckman, a 15-year employee, "made a personal decision to change the cadence of his professional career," the company said.
A search for his successor will determine his end date, Garmin said.
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