Garmin hopes to make stopping to ask for directions a thing of the past. The company manufactures navigation products that use Global Positioning System (GPS) technology to wirelessly deliver geographic location data through satellite communications. Its portable products incorporate electronic maps and navigational charts. Garmin also makes communications devices that combine cellular and GPS technology. Manufacturers such as Bombardier, Toyota, and Viking Yacht incorporate Garmin equipment into its products. The company sells its consumer products through retailers including Best Buy, Halfords, and Wal-Mart, as well as through distributors and independent dealers.
While sales in Europe and most other eastern hemisphere regions have risen steadily, the Americas have continued to decline. Nearly half of sales come from outside the Americas.
The company's total annual revenue and net income have been slowly declining year-over-year, however its net income actually increased in fiscal 2013 compared to the previous fiscal period. Garmin's cash on hand has been trending downward across recent fiscal years but cash levels have not reached critically low levels.