Personal Navigation Devices Services Help Garmin Back on Track
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