Profile: Garmin Ltd (GRMN.OQ)
15 Dec 2017
Garmin Ltd. (Garmin), incorporated on February 9, 2010, and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments: auto, aviation, fitness, marine and outdoor. The Company designs, develops, manufactures, markets and distributes a family of hand-held, wearable, portable and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products.
Garmin offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. Garmin offers products to consumers around the world, including Personal Navigation Devices (PND), Original Equipment Manufacturer (OEM) Solutions, Mobile Applications and Action Cameras. PNDs combine a featured GPS navigator (with built-in maps) with Garmin's user interface. PNDs are sold under the Garmin Drive, zumo, dezl, recreational vehicle (RV) and Garmin fleet product lines. The zumo series offers motorcycle-specific features. The dezl series offers over-the-road trucking features while the Garmin fleet series delivers an integrated tracking and dispatch fleet system. Across its product portfolio, Garmin offers features, such as integrated traffic receivers for traffic avoidance, spoken street names, voice activated navigation, speed limit indication, lane assist with PhotoReal junction views, Bluetooth hands-free capability, DashCams/Passenger Cams, driver awareness alerts and backup cameras.
Garmin provides a host of solutions ranging from embedded infotainment systems that provide a range of functionality, to integrated camera solutions, embedded navigation solutions and positioning technology solutions. Garmin offers mobile applications under the Garmin and NAVIGON product names. The applications are offered across a range of smartphones and tablets, including iPhone operating system (iOS), Android and Windows enabled devices. The Smartphone Link mobile application allows a Garmin navigator to connect to a smartphone. Information can be shared between the smartphone and the navigator, including notifications, contacts, search results, driving destination and parking location. Additional Garmin Live Services can be accessed through Smartphone Link for real-time driving information. VIRB action cameras offer built-in wireless fidelity (Wi-Fi), data sensors and a GPS receiver to add speed, elevation, G-force, heart rate and other data onto video through its VIRB Edit application.
Garmin offers a range of products designed for use in outdoor activities. Garmin offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices. Outdoor handhelds range from basic waypoints navigation capabilities to color touchscreen devices offering barometric altimeter, three-axis compass, camera, micro Secure Digital (microSD) card slot for optional customized maps, Bluetooth for smartphone connectivity and other features. Outdoor handhelds are sold under the Oregon, Rino, Montana, eTrex, GPSMAP and inReach product lines. The Rino series of handhelds offers two-way Family Radio Service (FRS) and General Mobile Radio Service (GMRS) that integrate two-way voice communications. The Oregon series include various features, such as Active Weather for up-to-date forecasts and animated weather, as well as Geocaching Live for wireless integration with Geocaching.com.
Garmin offers GPS ruggedized smartwatches for outdoor activity. The fenix series provides multisport features for hiking, climbing, skiing, running, cycling and swimming with a range of different styling options, including jeweler's grade materials available in the fenix Chronos models. The fenix series also offers a range of navigational tools and connected features, as well as Elevate wrist heart rate technology for certain models. The offerings range from basic display of yardages to the front, back and middle of greens to touchscreen devices. The X40 model also includes Garmin Elevate wrist heart rate technology. A statistic-tracking feature allows users to track and analyze their golf statistics through the Garmin Connect application. Some devices include swing metrics, which gives audible tones to fine-tune swing tempo; an internal compass, which provides directional assistance to the pin on blind shots; manual pin positioning, which allows users to tap and drag the flag on the green for yardage to the flag, and the ability to display e-mails, text messages and alerts.
Garmin offers a series of dog-focused products providing a range of functionality, including GPS-enabled dog tracking, electronic dog training and electronic bark correction. The products are offered under the Astro, Alpha, PRO, Sport PRO, BarkLimiter, Delta and Delta Smart product lines. The Astro series can pinpoint multiple dogs' positions at one time through all-weather collars and a handheld system, and can also connect to a range of Garmin devices, such as the Garmin DriveTrack 70 GPS navigator or certain fenix series watches to display dog positions. The BarkLimiter is ab electronic bark correction device. The Delta and PRO series of training collars offers a remote training device with integrated bark limiting capability for consumer and professional dog training markets. Delta Smart is a dog training device and activity tracker that connects to the Garmin CANINE smartphone application, enabling pet owners to monitor their dog's activity and behavior directly from their smartphone, and give customized, or automated training corrections.
Garmin offers a range of products designed for use in fitness and activity tracking. Garmin offers products to consumers around the world, including Running/Multi-Sport Watches, Cycling Computers, Cycling Power Meter, Cycling Safety and Awareness, Activity Tracking Devices, and Garmin Connect and Garmin Connect Mobile. The Forerunner series offers training watches for athletes with integrated GPS sensors that provide time, speed, distance, pace and other data. Most models also offer a heart rate monitoring function and heart rate-based calorie computation. It offers Forerunner 35, which is an entry-level running watch with Garmin Elevate wrist-based heart rate monitoring solution. Additional features include Virtual Racer, which allows runners to race against their previous best times, recovery advisor, race predictor and Maximal Aerobic Power (VO2 max) estimate. Some models are designed for triathletes. These all-in-one GPS-enabled devices provide swim metrics and track distance, speed/pace, elevation and heart rate for running and cycling. The Edge series measures speed, distance, time, calories burned, climb and descent, and altitude offering an integrated personal training system designed for cyclists. In addition, Garmin offers devices geared toward performance-driven cyclists offering real-time connectivity through a smartphone, providing live tracking, social media sharing and real-time weather updates.
Garmin offers Vector, which is a pedal-based power meter designed for cyclists. Vector provides power data to compatible devices with (or using) ANT+ technology. Some models also measure and present right and left leg power balance. Garmin offers the Varia product line focused on cycling safety and awareness. Varia bike radar alerts cyclists when vehicles are approaching from behind and Varia bike lights make the cyclist more visible when out on the road. Varia Vision is a heads up display that makes data available to the cyclist in their line of sight. The vivofit fitness bands provide a personalized daily goal, track progress and remind users when it is time to move. The devices feature an always-on display that show steps, goal countdown, calories, distance, time of day and heart rate when paired with a monitor. The vivosmart HR and vivosmart HR+ bands provide the same functions as the vivofit 3, and also include Garmin Elevate, smart notifications and a vibration alert.
The vivosmart HR+ incorporates GPS, allowing users to track distance, time and pace for their activities, as well as view a map of their activity on Garmin Connect. vivoactive and vivoactive HR are smartwatches focused on the active lifestyle consumer with all the basic activity tracking features along with applications designed for running, cycling and swimming and includes connectivity to the Connect IQ application store for further customizations and capabilities. vivoactive HR includes Garmin Elevate and Move IQ. Garmin Connect and Garmin Connect Mobile are Web and mobile platforms where users can track and analyze their fitness and wellness data. In addition, users can share their accomplishments, create training groups and group challenges, and get feedback and encouragement from the Connect community.
Garmin offers a range of products designed for use in the recreational marine industry. Garmin offers products to consumers around the world, including Chartplotters and Multi-Function Displays (MFDs), Fishfinders, Sounders, Autopilot Systems, Radar, Instruments, very high frequency (VHF) Communication Radios, Handhelds and Wrist-worn Devices, Sailing and Entertainment. Garmin offers various chartplotters/MFDs under the GPSMAP and echoMAP product lines. The offerings range from four-inch portable and fix-mounted products to 24-inch fully-integrated Glass Helm offerings. It offers Garmin Quickdraw Contours, which allows customers to generate their own fishing charts while they cruise around the lake. Additional features and connectivity available include smartphone applications that wirelessly send weather data to user's plotter and remotely access their helm electronics. Its chartplotters also support plug-and-play access to onboard sensors and Garmin accessories with NMEA 2000, Garmin Marine Network and the FUSION-Link entertainment interface.
Garmin offers a range of fishfinders, the Striker series, which incorporate GPS technology. Garmin offers black-box sounders and smart transducers, which interface with Garmin MFDs. Additionally, it offers approximately three kilowatt (kW) transmit power with its black box line. Its smart transducer line is Panoptix. Garmin offers full-featured marine autopilot systems designed for sailboats and powerboats. The systems incorporate features, such as Garmin's Shadow Drive technology, which automatically disengages the autopilot if the helm is turned, remote steering and speed control, and integration with the Volvo Penta Inboard Performance System (IPS) steering and propulsion system. It offers solid-state Fantom radar with MotionScope Doppler technology. Garmin offers both radomes and open array radar products. Garmin offers NMEA 2000 and NMEA 0183 compliant instrument displays that show data from multiple remote sensors on one screen. Mariners can display instrument data, such as depth, speed through the water, water temperature, fuel flow rate, engine data, fuel level, wind direction and more, depending upon the specific sensors connected.
Garmin offers a GPS handheld featuring a three-axis tilt-compensated electronic compass, wireless data transfer between compatible units and preloaded cartography for the coastal United States. It also offers quatix3, Garmin's second generation GPS watch designed for mariners, combining marine features for navigation and sailing capabilities while integrating Garmin's GPS technology and interface. These SailAssist features include wind rose with true and apparent wind data, pre-race guidance, synchronized race timer, virtual starting line, time to burn and lay line data fields. Garmin's entertainment brand, FUSION, consists of marine audio head units, speakers and amplifiers.
Garmin's aviation business segment is a provider of solutions to aircraft manufacturers, existing aircraft owners and operators, as well as military and government customers and serves a range of aircraft, including transport aircraft, business aviation, general aviation, experimental/light sport, helicopters, optionally piloted vehicles (OPV) and unmanned aerial vehicles (UAV). Garmin's portfolio includes navigation, communication, flight control, hazard avoidance, weather radar, radar altimeter, datalink weather, traffic collision avoidance systems, terrain awareness and warning systems (TAWS), controller-pilot data link (CPDLC), a rangesuite of automatic dependent surveillance broadcast (ADS-B) solutions, in-cockpit and cloud connectivity, automated logbook, voice and touch control, wearables, portables, applications and other products and services. It offers products to customers around the world, including Integrated Avionics Systems/Flight Decks; Panel-mount aviation products; Portable and Wearable Solutions; Mobile Applications, and Aviation Databases, Extended Warranties and Subscription Services.
Garmin offers a range of integrated glass flight displays and flight decks from the G3X for the experimental and light-sport aircraft market to the G5000 for business aviation, military and commercial applications. Garmin offers similar integrated glass avionics for the helicopter market with the G500H, G1000H and G5000H. Garmin also offers all-glass integrated avionics to the retrofit market through the G500, G600, G950, G1000, G1000 NXi and G5000. Garmin serves the market with the GTN series, a touchscreen GPS, VHF navigation and communication, and MFD. Garmin offers a range of traffic alert and collision avoidance systems (TCAS) and traffic advisory systems (TAS) for all markets served. The GMA series of audio panels ranging from offerings with basic capabilities for the recreational pilot to capabilities, including voice control of audio panel and GTN series functions, Bluetooth connectivity for wireless music input, phone calls and VIRB action camera audio output, audio effects, three dimensional (3D) spatial audio processing, digital voice recorder, auto squelch, ambient noise-based volume adjustment and independent pilot/co-pilot communications capabilities.
Garmin offers both the GTX 3000 transponder and GDL 88 datalink for both ADS-B out and in while mitigating the need to modify the existing aircraft panel. Weather capabilities are delivered within its GDL, GSR, GSX, GTX and GWX series. Garmin solutions include offering SiriusXM satellite data link weather information (subscription required) to an aircraft via various panel-mount Garmin displays and/or portable devices. Garmin offers a range of portable aviation solutions, including its aera series portable navigators, VIRB aviation action cameras, D2 series pilot watches and GDL 39 series remote GPS/ADS-B receivers. The Garmin wearable aviation solutions include its D2 series pilot watches, which offers a built-in aviation navigation database, and alongside multisport and smartwatch features. Garmin Pilot is an application for iOS or Android mobile devices used for flight planning, filing a flight plan, in flight navigation and automatic flight logging. Garmin offers a range of databases, including Navigation Data, Obstacles, SafeTaxi airport diagrams, Terrain and Basemap.
The Company competes with TomTom N.V., MiTAC Digital Corporation, Harman International Industries, Panasonic Corporation, the Mitsubishi Group, Vista Outdoor, SportDOG Brand, Suunto Oy, Apple Inc., Samsung Electronics Co., Ltd., Bryton Corp., Fitbit Inc., AliphCom dba Jawbone, Polar Electro Oy, Sigma Sports, Furuno Electronic Company, Johnson Outdoors, Inc., Navico, Flir Systems, Inc., Aspen Avionics, Avidyne Corporation, CMC Electronics, Free Flight Systems, Genesys Aerosystems, Honeywell Aerospace & Defense, Innovative Solutions and Support Inc., L-3 Avionics Systems, Rockwell Collins, Inc., Sagem SA, Universal Avionics Systems Corporation, Daimler AG, BMW AG and Audi AG.
Company Web Links
- BRIEF-Garmin and FitPay announce Garmin Pay Now Live on Garmin smartwatches
- BRIEF-Garmin announces integration with UnitedHealthcare Motion wellness program
- Garmin beats profit estimates on strong demand for outdoor gadgets
- UPDATE 2-Garmin beats profit estimates on strong demand for outdoor gadgets
- BRIEF-Garmin reports qtrly GAAP EPS was $0.78