CAYMAN ISLANDS – Garmin Ltd. (Nasdaq: GRMN) will be added to the NASDAQ- 100 Index, the company reported in a statement today. The NASDAQ-100 Index is comprised of premier, non-financial, growth companies, according to the GPS manufacturer. Garmin will officially join this list of companies on December 22.
“We are honored that NASDAQ has chosen to add Garmin to the NASDAQ-100 Index,” said Dr. Min H. Kao, CEO and co-chairman of Garmin Ltd. “We started our company with the idea to provide products of superior quality and with features that enrich the lives of our users, and promote the safety of navigation on land, in the air and on water. Today’s news is a story more about our dedicated associates, loyal customers and faithful shareholders who have made this company successful. It is truly an honor to be recognized among the world’s leading growth companies.”
Garmin manufactures navigation and communication products that help pilots, mariners, hunters, hikers, anglers, motorists and businesspersons know where they are, where they are going and where they have been.
Over the past seven years, Garmin said it has experienced a compounded annual revenue growth rate of 23 percent across its two business segments (aviation and consumer). Garmin holds 129 patents with the U.S. Patent and Trademark Office and has 150 patents pending.
The NASDAQ-100 Index, launched in 1985, reflects NASDAQ’s largest non- financial companies across major industry groups, including hardware, software, telecommunications, retail/wholesale trade and pharmaceuticals, according to Garmin. Index securities are ranked by market value and evaluated annually to determine which securities will be included.
The NASDAQ-100 Index Tracking Stock (Amex: QQQ) represents ownership in the NASDAQ-100 Trust. This Trust holds a portfolio of equity securities that compose the NASDAQ-100 Index and aims to provide investment results that generally correspond with the NASDAQ-100 Index performance.
- For more of the latest news, click here.