"Rivals may be creating a buzz in the market for navigational technologies, but Garmin Ltd. (Nasdaq: GRMN) will fight off its rivals as it always has, with product breadth and innovation," says Ian Wyatt in Top Stock Insights.
"Garmin, which first started selling products in 1991, has been on a run. Since 2001, the company has compound annual revenue growth of 30%; net income has grown 29% compounded annually.
"Through sound financial execution, Garmin has become a worldwide leader in providing navigation, communication and information devices, many of which carry global positioning system (GPS) technology.
"The automotive and mobile division, which represents the company's portable navigation devices (PNDs), dominates the company's business. PNDs are the fastest growing, most competitive and most consequential market for Garmin and accounted for 71.2% of revenue in third quarter of fiscal 2007.
"In the North American PND market Garmin's share is more than 50%, and its PND share in Europe is 20%. Itss market share is greater than 60% in aviation and higher than 30% in marine electronics. The company's main geographic market is North America, followed by Europe, and then - to a much smaller extent - Asia.