NEW YORK, NY (BRAIN) — GPS giant Garmin Ltd. will be included in the S&P 500 index starting Thursday, the company announced.
Garmin is traded on the NASDAQ exchange under the ticker symbol GRMN. The company will replace Chicago printer RR Donnelley & Sons (NASDAQ: RRD) on the index.
“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.
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. Garmin will be added to the S&P 500 GICS (Global Industry Classification Standard) Consumer Electronics Sub-Industry index.
Garmin's most recent quarterly report, released September 29, showed revenue up 1 percent in the quarter to $672 million. Sales in its Fitness division, which includes sales of bicycle computers were down 6 percent in the quarter, to $65 million. Sales in its largest division, automotive, were flat at $384 million; its Outdoor segment showed sales up 11 percent to $105 million.
