KANSAS CITY, Mo. — Navigational device maker Garmin Ltd. on Wednesday reported sharply lower second-quarter earnings on Wednesday, but beat Wall Street estimates and said the worst of its sales decline may be over. Its shares surged almost 24 percent.

Garmin makes devices that use Global Positioning System technology for drivers, hikers, boaters and pilots. The recesssion has hurt both the auto and aviation industries and cut into Garmin's sales of products sold to those industries.

"While we're not seeing significant signs of economic recovery, we are starting to see some positive indicators," Chief Operating Officer Cliff Pemble told analysts during a conference call. "We expect to see sequential increases in shipments as retailers stock their shelves for fall promotions and would anticipate stable pricing with some margin declines during (the third quarter)."

via The Associated Press

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