Garmin is an OEM of GPS-based and other electronic devices. The company reported better-than-expected second-quarter 2017 results with revenues and earnings surpassing our estimates. The results were driven by solid performance in all the segments. However, Auto, Fitness and Marine segments recorded revenue decline year over year. The company's strategy involves a constantly evolving product line supported by a platform approach that increases engagement with its products and focuses on building a community of users. A solid portfolio of new products across segments, secular drivers in the aviation market, market share gains in the marine market and contributions from acquisitions are other positives. However, weak personal navigation device (PND) market and additional revenue deferrals remain headwinds. Year to date, the stock has underperformed the industry it belongs to.