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Personal Navigation Devices Services Help Garmin Back on Track

November 2, 2011

Garmin Ltd raised its forecast for the year as it starts to gain from its move to add high-margin services to its staple personal navigation devices (PNDs), which have seen a freefall in sales over the past few years.

Shares of the No. 1 U.S. navigation device maker rose as much as 9 percent in morning trade to $37.20, their highest in a year-and-a-half. They have fallen about 70 percent since their heydays in 2007, when they traded above $125.

Garmin and its European peer TomTom, known for their personal navigation devices
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