Garmin Stock Price, News & Analysis

Garmin has announced the Edge 1050, its most advanced cycling computer yet, featuring a vivid color display, superior navigation, performance tracking, and extended battery life of up to 20 hours in regular use and up to 60 hours in battery saver mode. Key features include road hazard alerts, in-ride messaging, leaderboards, on-device course creation, Garmin Pay, a built-in speaker, and detailed performance analytics. The Edge 1050 is designed to enhance group rides with live locations, incident detection, and post-ride awards. It is priced at $699.99 and is available now.

Garmin (NYSE: GRMN) announced the appointment of Patrick Desbois and Brad Trenkle as co-Chief Operating Officers, effective July 1, 2024. Desbois will oversee aviation, auto OEM segments, global supply chain, IT, and HR, while Trenkle will manage consumer business segments, engineering, global consumer sales, marketing, and creative. Both will report to President and CEO Cliff Pemble, who will focus on long-term growth strategies. Desbois joined Garmin in 2011 and has held various leadership roles, including Executive Vice President of Operations. Trenkle has been with Garmin since 2002 and was promoted to Vice President of the Outdoor Segment in 2017.

Garmin shareholders have approved a quarterly cash dividend of $3.00 per share through March 2025. The dividend will be paid in four equal installments of $0.75 each. The schedule for the payments is as follows: June 28, 2024, September 27, 2024, December 27, 2024, and March 28, 2025. The respective record dates are June 17, 2024, September 13, 2024, December 13, 2024, and March 14, 2025. This decision was made at Garmin's annual shareholders' meeting in Schaffhausen, Switzerland on June 7, 2024.

Garmin (NYSE: GRMN) celebrates Global Running Day by highlighting data from its Garmin Connect community that shows the health benefits of running. Users running over 50 miles a week recorded higher sleep scores (75), Body Battery scores (83), and significantly lower stress levels compared to non-runners. The average run distance globally was 4.6 miles, with French users logging the longest runs at 5.43 miles. Irish runners had the fastest pace at 9 minutes, 6 seconds per mile. Garmin also promotes its range of smartwatches designed to enhance runners' performance, endorsed by professional athletes.

Vuzix (NASDAQ: VUZI) has signed a multi-phase development contract with Garmin to create advanced nano-imprinted waveguide display systems utilizing microLED technology.

Under this agreement, Vuzix will develop custom waveguide-based optical systems and eventually deliver production units.

The collaboration aims to enhance Garmin's product offerings by providing significant cost, form factor, and space savings. Vuzix's expertise in volume production nano-imprinting and optical design will play a important role in this venture.

Garmin announced the call for entries for the 2024 Garmin Health Awards, recognizing innovative solutions that integrate Garmin wearable technology into health and wellness programs. The awards include two categories, judged by industry experts and Summit attendees, with winners receiving Garmin wearables worth up to $10,000. Submissions are accepted until May 31, 2024, with finalists presenting at the Garmin Health Summit in June.

Garmin has been recognized as the Best Supplier by Embraer for the ninth consecutive year, showcasing their excellence in the Electrical & Electronic Systems category. This award highlights Garmin's commitment to quality, customer support, and on-time delivery. The collaboration between Embraer and Garmin has been strong, leading to this prestigious recognition.

Garmin announced record first-quarter results for 2024, with consolidated revenue reaching $1.38 billion, a 20% increase from the previous year. The company reported strong growth in all segments, with gross margin and operating margins expanding significantly. Operating income grew by 51%, reaching $298 million. Garmin achieved GAAP EPS of $1.43 and pro forma EPS of $1.42, showcasing a 39% growth in pro forma EPS year-over-year. The company was named the 2024 Supplier of the Year by Independent Boat Builders, Inc. Garmin also highlighted the importance of its Garmin inReach devices in remote communications and emergency response coordination.