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Garmin Ltd  (GRMN)
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    Sector  Technology    Industry Consumer Electronics
   Industry Consumer Electronics
   Sector  Technology
 

Garmin Ltd's Customers Performance

GRMN

 
GRMN's Source of Revenues Garmin Ltd's Customers have recorded an increase in their cost of revenue by 16.31 % in the 2 quarter 2021 year on year, sequentially costs of revenue grew by 7.41 %, for the same period Garmin Ltd recorded revenue increase by 52.54 % year on year, sequentially revenue grew by 23.74 %.

List of GRMN Customers




Garmin Ltd's Customers have recorded an increase in their cost of revenue by 16.31 % in the 2 quarter 2021 year on year, sequentially costs of revenue grew by 7.41 %, for the same period Garmin Ltd recorded revenue increase by 52.54 % year on year, sequentially revenue grew by 23.74 %.

List of GRMN Customers


   
Customers Net Income grew in Q2 by Customers Net margin grew to
5.41 %



Garmin Ltd's Customers, Q2 2021 Revenue Growth By Industry
Customers in Aerospace & Defense Industry      15.76 %
Customers in Conglomerates Industry      9.36 %
Customers in Auto & Truck Manufacturers Industry      98.11 %
Customers in Rental & Leasing Industry      25.69 %
Customers in Transport & Logistics Industry      30 %
Customers in Airline Industry      336.7 %
     
• Customers Valuation • Segment Rev. Growth • Segment Inc. Growth • Customers Mgmt. Effect.


Garmin Ltd's Comment on Sales, Marketing and Customers



Sales and Marketing

Garmin’s non-aviation products are sold through a worldwide network of approximately 4,000 independent dealers and distributors in approximately 100 countries who meet our sales and customer service qualifications. No single customer’s purchases represented 10% or more of Garmin’s consolidated revenues. Marketing support is provided geographically from Garmin’s offices in Olathe, Kansas (North, South and Central America), in the U.K. (Eastern Europe, Middle East and Africa), Switzerland (covering Western Europe), Australia (also covering New Zealand), Austria, Belgium, Brazil, Chile, China, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Slovenia, Spain, Sweden, and Taiwan (covering Asia excluding China). Garmin’s distribution strategy is intended to increase Garmin’s global penetration and presence while maintaining high quality standards to ensure end-user satisfaction.

Garmin’s U.S. consumer product sales are handled through its network of dealers and distributors who are serviced by a staff of regional sales managers and in-house sales associates. Garmin’s Europe, Middle East, Australia/New Zealand and Africa consumer product sales are handled through our in-country subsidiaries or local distributors who resell to dealers. Working closely with Garmin’s in-house sales and marketing staff in the U.K. and U.S., these in-country subsidiaries or independent distributors are responsible for inventory levels and staff training requirements at each retail location. Garmin’s Taiwan-based marketing team handles the Company’s Asia sales and marketing effort. Some of Garmin’s larger consumer products dealers and distributors include:

· Best Buy—one of the largest U.S. and Canadian electronics retailers;

· Amazon.com—internet retailer;

· Costco—an international chain of membership warehouses that carry quality, brand name merchandise;

· Halford’s—a large European retailer specializing in car parts and accessories;

· Petra—a large distributor who sells to a wide range of dealers;

· Target—one of the nation’s largest general merchandise retailers;

· Wal-Mart—the world’s largest mass retailer; and

· Wynit—a large distributor which sells to a wide range of dealers.

Garmin’s retrofit avionics and aviation portable products are sold through select aviation distributors around the world and, in the case of aviation portable products, also through catalogs and pilot shops. Garmin’s largest aviation distributors include Elliott Aviation, Aircraft Spruce & Specialty Co., Sarasota Avionics, Gulf Coast Avionics Corp. and Sportsman’s Market. Avionics distributors have the training, equipment and certified staff required for at-airport installation of Garmin’s avionics equipment.

In addition to the traditional distribution channels mentioned, Garmin has many relationships with original equipment manufacturers (OEMs). In the consumer market, Garmin’s products are sold globally to automotive and motorcycle OEMs, either directly or through tier 2 sourcing. These OEMs include Chrysler, Toyota, Suzuki, Volkswagen, Harley-Davidson, Ford, BMW and BMW Motorrad, Honda, Mercedes Benz, Smart Car, Peugeot, Hyundai, Kia, Mazda, Nissan, Volvo, Bombardier, and Polaris. In November 2012, Garmin announced the CARWINGS MINI Telematics personal navigation device for Dongfeng Nissan vehicles in China. The detachable device is available as a dealer option in China. In September 2012, Garmin announced the next generation of its award-recognized navigation system built into Chrysler vehicles. The new Garmin system is part of the Chrysler Uconnect 8.4N infotainment system. It is available for 2013 model year Chrysler 300, Dodge Journey, Charger and Dart vehicles. In January 2013, Garmin unveiled its K2 platform, which turns the car dashboard into a digital cockpit that combines digital displays, voice control, infrared buttons and smartphone integration to provide drivers features such as navigation, vehicle diagnostics, office features, communications, music, radio and real-time information from the Internet. In addition, Garmin continues to sell products and applications to Kenwood for bundling with Kenwood’s OEM products. Garmin also has relationships with certain rental car companies including Dollar/Thrifty, Enterprise, Avis, Budget, National, Europcar, Alamo, and Hertz (Europe). Garmin has also developed promotional relationships with certain automotive dealerships in certain countries including BMW, Southeast Toyota, Penske, Mazda, Saab and Ford. Garmin’s products are also standard equipment on various models of boats manufactured by Ranger Tugs, Cutwater Boats (a Division of Fluid Motion, LLC), Bayliner Boats (a division of Brunswick Corporation), Bavaria Yacht, Chaparral Boats, Inc., Andros Boats, Inc., Edgewater Boats, LLC, Bennington Marine, LLC, Cigarette Racing Team, LLC, Cobalt Boats, LLC, G3 Boats (a division of Yamaha Motor Corp.), Gulf Craft, Inc., Fairline Boats, Ltd., Inha Works Ltd. and Regal Marine Industries, Inc. and are optional equipment on boats manufactured by Tiara Yachts, Inc., Coastal Craft Welded Aluminum Boats Ltd., Everglades Boats, Cantiere Nautico Cranchi S.p.A, Grand Banks Yachts, Ltd., Horizon Yacht Company, Hampton Yachts USA, Inc., Maritimo Offshore Pty Ltd., Mastercraft/Hydra-Sport Boat Company, LLC, Yellowfin Yachts, LLC, Sea Ray Corporation, Scout Boats, Inc., The Hinckley Company, Hunt Yachts, Inc., Zodiac Hurricane Technologies, Inc, Sea Hunter, Inc., Contender Boats Inc., Nautic Global Group, and Viking Yacht. In the aviation market, Garmin’s avionics are either standard equipment or options on various models of aircraft built by AgustaWestland, Bombardier, Bell Helicopter Textron, Inc., Cessna Aircraft Company, Cirrus Aircraft, Construzioni Aeronautiche Tecnam S.r.l (Tecnam), DAHER-SOCATA, Diamond Aircraft Industries, Inc., Embraer SA, Eurocopter, an EADS Company, Hawker Beechcraft Aircraft Company, Northrop Grumman Corporation, Pilatus Aircraft Ltd, Piper Aircraft, Inc., Quest Aircraft Company, Robinson Helicopter Company, and Vulcanair Aircraft S.p.A.

Garmin Ltd's Comment on Sales, Marketing and Customers


Sales and Marketing

Garmin’s non-aviation products are sold through a worldwide network of approximately 4,000 independent dealers and distributors in approximately 100 countries who meet our sales and customer service qualifications. No single customer’s purchases represented 10% or more of Garmin’s consolidated revenues. Marketing support is provided geographically from Garmin’s offices in Olathe, Kansas (North, South and Central America), in the U.K. (Eastern Europe, Middle East and Africa), Switzerland (covering Western Europe), Australia (also covering New Zealand), Austria, Belgium, Brazil, Chile, China, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Slovenia, Spain, Sweden, and Taiwan (covering Asia excluding China). Garmin’s distribution strategy is intended to increase Garmin’s global penetration and presence while maintaining high quality standards to ensure end-user satisfaction.

Garmin’s U.S. consumer product sales are handled through its network of dealers and distributors who are serviced by a staff of regional sales managers and in-house sales associates. Garmin’s Europe, Middle East, Australia/New Zealand and Africa consumer product sales are handled through our in-country subsidiaries or local distributors who resell to dealers. Working closely with Garmin’s in-house sales and marketing staff in the U.K. and U.S., these in-country subsidiaries or independent distributors are responsible for inventory levels and staff training requirements at each retail location. Garmin’s Taiwan-based marketing team handles the Company’s Asia sales and marketing effort. Some of Garmin’s larger consumer products dealers and distributors include:

· Best Buy—one of the largest U.S. and Canadian electronics retailers;

· Amazon.com—internet retailer;

· Costco—an international chain of membership warehouses that carry quality, brand name merchandise;

· Halford’s—a large European retailer specializing in car parts and accessories;

· Petra—a large distributor who sells to a wide range of dealers;

· Target—one of the nation’s largest general merchandise retailers;

· Wal-Mart—the world’s largest mass retailer; and

· Wynit—a large distributor which sells to a wide range of dealers.

Garmin’s retrofit avionics and aviation portable products are sold through select aviation distributors around the world and, in the case of aviation portable products, also through catalogs and pilot shops. Garmin’s largest aviation distributors include Elliott Aviation, Aircraft Spruce & Specialty Co., Sarasota Avionics, Gulf Coast Avionics Corp. and Sportsman’s Market. Avionics distributors have the training, equipment and certified staff required for at-airport installation of Garmin’s avionics equipment.

In addition to the traditional distribution channels mentioned, Garmin has many relationships with original equipment manufacturers (OEMs). In the consumer market, Garmin’s products are sold globally to automotive and motorcycle OEMs, either directly or through tier 2 sourcing. These OEMs include Chrysler, Toyota, Suzuki, Volkswagen, Harley-Davidson, Ford, BMW and BMW Motorrad, Honda, Mercedes Benz, Smart Car, Peugeot, Hyundai, Kia, Mazda, Nissan, Volvo, Bombardier, and Polaris. In November 2012, Garmin announced the CARWINGS MINI Telematics personal navigation device for Dongfeng Nissan vehicles in China. The detachable device is available as a dealer option in China. In September 2012, Garmin announced the next generation of its award-recognized navigation system built into Chrysler vehicles. The new Garmin system is part of the Chrysler Uconnect 8.4N infotainment system. It is available for 2013 model year Chrysler 300, Dodge Journey, Charger and Dart vehicles. In January 2013, Garmin unveiled its K2 platform, which turns the car dashboard into a digital cockpit that combines digital displays, voice control, infrared buttons and smartphone integration to provide drivers features such as navigation, vehicle diagnostics, office features, communications, music, radio and real-time information from the Internet. In addition, Garmin continues to sell products and applications to Kenwood for bundling with Kenwood’s OEM products. Garmin also has relationships with certain rental car companies including Dollar/Thrifty, Enterprise, Avis, Budget, National, Europcar, Alamo, and Hertz (Europe). Garmin has also developed promotional relationships with certain automotive dealerships in certain countries including BMW, Southeast Toyota, Penske, Mazda, Saab and Ford. Garmin’s products are also standard equipment on various models of boats manufactured by Ranger Tugs, Cutwater Boats (a Division of Fluid Motion, LLC), Bayliner Boats (a division of Brunswick Corporation), Bavaria Yacht, Chaparral Boats, Inc., Andros Boats, Inc., Edgewater Boats, LLC, Bennington Marine, LLC, Cigarette Racing Team, LLC, Cobalt Boats, LLC, G3 Boats (a division of Yamaha Motor Corp.), Gulf Craft, Inc., Fairline Boats, Ltd., Inha Works Ltd. and Regal Marine Industries, Inc. and are optional equipment on boats manufactured by Tiara Yachts, Inc., Coastal Craft Welded Aluminum Boats Ltd., Everglades Boats, Cantiere Nautico Cranchi S.p.A, Grand Banks Yachts, Ltd., Horizon Yacht Company, Hampton Yachts USA, Inc., Maritimo Offshore Pty Ltd., Mastercraft/Hydra-Sport Boat Company, LLC, Yellowfin Yachts, LLC, Sea Ray Corporation, Scout Boats, Inc., The Hinckley Company, Hunt Yachts, Inc., Zodiac Hurricane Technologies, Inc, Sea Hunter, Inc., Contender Boats Inc., Nautic Global Group, and Viking Yacht. In the aviation market, Garmin’s avionics are either standard equipment or options on various models of aircraft built by AgustaWestland, Bombardier, Bell Helicopter Textron, Inc., Cessna Aircraft Company, Cirrus Aircraft, Construzioni Aeronautiche Tecnam S.r.l (Tecnam), DAHER-SOCATA, Diamond Aircraft Industries, Inc., Embraer SA, Eurocopter, an EADS Company, Hawker Beechcraft Aircraft Company, Northrop Grumman Corporation, Pilatus Aircraft Ltd, Piper Aircraft, Inc., Quest Aircraft Company, Robinson Helicopter Company, and Vulcanair Aircraft S.p.A.







GRMN's vs. Customers, Data

(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)



COMPANY NAME MARKET CAP REVENUES INCOME EMPLOYEES
Garmin Ltd 30,439 4,860 1,184 11,185
Workhorse Group Inc. 0 0 0 13
Blue Bird Corporation 696 766 11 1,762
Avis Budget Group Inc 5,969 8,791 290 30,000
Cleartronic Inc 16 2 0 8
Ford Motor Co 57,710 129,052 3,979 187,000
Federal Signal Corporation 2,403 1,124 95 2,200
General Motors Financial Company Inc 83,946 93,183 6,913 216,000
Gamestop Corp 10,881 5,346 -116 18,000
Honda Motor Co Ltd 54,960 118,717 6,269 0
Hertz Global Holdings inc 1,370 4,624 -1,177 0
Id Systems Inc 95 55 -8 117
Live Ventures Inc 206 237 22 1,211
Navistar International Corporation 4,459 7,714 -173 14,400
Oshkosh Corporation 8,388 6,831 349 13,300
Paccar Inc 29,018 19,412 1,409 23,000
Ryder System Inc 4,158 8,967 261 30,600
Rev Group Inc 986 2,396 -31 7,600
Emav Holdings, Inc. 0 0 0 1
Shyft Group Inc 1,422 697 37 0
Saleen Automotive Inc 0 38 6 22
Toyota Motor Corp 512,556 5,956 320 348,877
Tesla Inc 757,955 41,862 2,307 70,757
Zap 14 11 -34 400
American Airlines Group Inc 14,197 18,686 -5,808 113,300
Atlas Air Worldwide Holdings Inc 1,960 3,429 427 1,724
Abb Ltd 78,456 26,134 5,205 135,000
Aar Corp 1,348 1,652 36 4,850
Air Industries Group 40 50 0 379
Air T Inc 86 185 -2 600
Aerojet Rocketdyne Holdings Inc 3,889 2,137 130 4,965
Allegiant Travel Co 3,103 1,023 -148 2,411
Alaska Air Group Inc 7,416 2,727 -1,223 13,952
Alpha Metallurgical Resources Inc 452 1,332 -440 0
Astronics Corporation 534 494 -108 2,000
Air Transport Services Group Inc 1,740 1,547 69 1,810
Boeing Co 135,908 61,658 -8,899 168,400
Ball Corp 27,041 12,121 759 15,000
Baltia Air Lines Inc 0 0 0 65
Broadridge Financial Solutions Inc 20,361 295 877 0
Capstone Companies Inc 89 3 -2 7
Comtech Telecommunications Corp 651 586 -80 1,852
Crane Co 5,660 2,973 227 0
Colorstars Group 25 1 0 6
Cpi Aerostructures Inc 41 88 -1 281
Cyalume Technologies Holdings, Inc. 24 43 2 462
Delta Air Lines Inc 26,348 18,311 -6,659 80,000
Ducommun Incorporated 660 613 28 3,150
Edify Acquisition Corp 267 0 -72 1,000
Energy Focus Inc 14 16 -7 122
Eaton Corporation Plc 63,214 17,914 1,436 102,000
Fedex Corporation 76,815 83,959 5,231 265,000
General Dynamics Corporation 55,902 38,521 3,281 99,500
General Electric Co 112,860 76,742 -2,488 305,000
Great Lakes Aviation Ltd 0 0 0 442
Hawaiian Holdings inc 1,005 468 -427 5,380
Heico Corporation 18,886 1,739 291 3,500
Huntington Ingalls Industries Inc 8,235 9,376 672 38,000
Honeywell International Inc 163,244 33,959 5,055 131,000
Iec Electronics Corp 110 187 5 565
Jetblue Airways Corp 4,848 2,102 -1,333 15,500
Kvh Industries Inc 211 164 -20 604
Lmi Aerospace Inc 185 340 -42 1,970
Lockheed Martin Corporation 103,786 66,814 7,142 113,000
Southwest Airlines Co 31,697 9,866 -1,601 45,861
Lsi Industries Inc 209 282 7 1,292
Northrop Grumman Corp 59,777 37,336 4,516 64,300
Orbital Atk, Inc. 7,801 4,991 345 12,300
Parker hannifin Corporation 40,635 13,549 1,537 54,750
PALL CORPORATION 0 0 0 10,400
Plexus Corp 2,571 3,482 152 16,000
Powell Industries Inc 344 458 6 1,841
Proto Labs Inc 2,334 435 41 1,700
Passur Aerospace Inc 6 7 0 37
Republic Airways Holdings Inc 0 0 0 5,935
Raytheon Technologies Corporation 132,339 62,297 2,376 0
Spirit Airlines Inc 3,006 2,221 -657 4,219
Sigma Labs Inc 34 1 -6 4
Sifco Industries Inc 64 107 9 465
Saker Aviation Services Inc 2 3 -2 37
Skywest Inc 2,072 1,932 -3 9,642
Smtc Corporation 170 386 -1 1,171
Sparton Corp. 182 379 -8 1,531
Tat Technologies Ltd 0 0 0 507
Transdigm Group Incorporated 37,874 4,282 405 8,200
Trans-pacific Aerospace Company, Inc. 0 0 -2 7
Textron Inc 15,794 11,271 209 34,000
United Airlines Holdings Inc 15,705 12,656 -5,259 84,000
United Parcel Service Inc 168,149 89,501 5,170 435,000
Virgin America Inc. 0 0 0 2,965
Viavi Solutions Inc 3,958 1,155 99 3,500
Amazon com Inc 1,846,759 419,130 26,903 117,300
Alibaba Group Holding Limited 529,693 109,480 21,869 50,097
Best buy Co Inc 32,713 43,638 1,541 125,000
Big Lots Inc 2,111 6,386 674 36,100
Ebay Inc 50,873 10,920 2,896 34,600
Microsoft Corporation 2,176,541 159,969 56,015 118,000
Target Corp 131,785 98,143 6,181 347,000
SUBTOTAL 7,772,017 2,048,430 147,255 4,225,826


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