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4-Traders Homepage  >  Equities  >  Nasdaq  >  Garmin Ltd.    GRMN   CH0114405324

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Garmin Ltd. : Garmin® Ltd. Selected to Join S&P 500

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12/11/2012 | 06:53pm CET

Schaffhausen, Switzerland/December 6, 2012/Business Wire - Garmin Ltd. (NASDAQ: GRMN), the global leader in satellite navigation, today announced that it will become a component in the S&P 500 index after the close of trading on Tuesday, December 11.

"The S&P 500 index is widely recognized as a bellwether of the American equities market and we are honored to be listed among some of the most recognizable and enduring brands in the world," said Dr. Min Kao, chairman and CEO of Garmin Ltd. "This is tremendous recognition for our company and our commitment to long-term, sustainable growth. We'd like to thank our associates for helping us achieve this significant milestone."

The S&P 500 is an index of 500 large-cap companies from leading industries that is widely used as a benchmark for investors and a gauge of the overall performance of the U.S. stock market. The company will be added to the S&P 500 GICS (Global Industry Classification Standard) Consumer Electronics Sub-Industry index.

Since its inception in 1989, Garmin has delivered more than 100 million products, most of them enabled with GPS - far more than any other navigation provider. Garmin provides a wide range of products and applications in the navigation industry. It has a leadership position in each of the markets it serves, including automotive, aviation, marine, fitness, and outdoor recreation.

For more information, visit www.garmin.com, www.garmin.blogs.com, and http://twitter.com/garmin.

About Garmin Ltd.

The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 - most of which are enabled by GPS technology. Garmin's products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications. Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries. S&P is a registered trademark of Standard & Poor's Financial Services LLC.

Notice on Forward-Looking Statements:

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 31, 2011, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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Financials ($)
Sales 2016 2 953 M
EBIT 2016 590 M
Net income 2016 485 M
Finance 2016 1 693 M
Yield 2016 4,06%
P/E ratio 2016 19,72
P/E ratio 2017 18,99
EV / Sales 2016 2,65x
EV / Sales 2017 2,61x
Capitalization 9 507 M
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Mean consensus HOLD
Number of Analysts 15
Average target price 47,4 $
Spread / Average Target -6,0%
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Managers
NameTitle
Clifton A. Pemble President, Chief Executive Officer & Director
Min H. Kao Executive Chairman
Douglas G. Boessen CFO, Treasurer & Financial Accounting Officer
Donald H. Eller Independent Director
Charles W. Peffer Independent Director
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