Fitness bands, outdoor gadgets fuel Garmin turnaround
After smartphones ate into its core business of portable navigation devices, Garmin focused on new markets, including wearable fitness bands and outdoor enthusiast gadgets. Its turnaround efforts are starting to show in top- and bottom-line growth. Garmin (GRMN) stock peaked at 125.68 in October 2007, just four months after the release of Apple ‘s (AAPL) first iPhone. The next year was rough for Garmin, which saw its stock bottom out at 14.40 in in November 2008. But it’s been climbing back. Garmin ended Wednesday up 1.2% to 61.24. On April 30, Garmin said its sales rose 10% year over year to $583 million for the quarter ended March 29. The revenue gain followed five quarters in a row of shrinking sales. Earnings per share rose 38% to 55 cents, its second consecutive quarter of double-digit growth after four quarters of decline. Garmin is “slimming down and getting fit,” RBC Capital…