Garmin Stock Price, News & Analysis

Garmin (NYSE: GRMN) has announced that customers can now make purchases in the Connect IQ™ Store using Garmin Pay™. This integration allows developers to be rewarded for their innovative designs while providing Garmin users access to premium watch faces and apps from brands like Disney, GoPro®, Porsche, and TaylorMade.

New offerings include Disney watch faces featuring characters from Disney, Marvel, and Star Wars; a GoPro Camera Control App; Porsche watch faces; a TaylorMade golf-inspired watch face; and space-themed watch faces inspired by NASA. These premium apps and watch faces are available for select smartwatches with prices starting at $4.99.

Garmin (NYSE: GRMN) reported record second quarter revenue of $1.51 billion, a 14% increase year-over-year. The company achieved gross and operating margins of 57.3% and 22.7% respectively, with operating income rising 20% to $342 million. Garmin's GAAP EPS reached $1.56, while pro forma EPS grew 9% to $1.58. Notable achievements include shipping the one millionth domain controller to Auto OEM customers and supporting over 1,000 research studies through Garmin Health. Based on strong performance, Garmin has raised its full year 2024 guidance, now projecting revenue of approximately $5.95 billion and pro forma EPS of $6.00.

Garmin (NYSE: GRMN) released a report on July 10, 2024, showcasing global cycling trends derived from its users. The findings indicate a 7% increase in overall cycling activities and a 12% rise in indoor cycling. Women are the fastest-growing demographic with a 9% activity increase. Cyclists in the UAE are the quickest, averaging 16 mph, while Danish cyclists generate the most power at 196 watts. Italian riders spend the most time on their bikes, averaging over two hours per ride and covering 29 miles. Garmin-sponsored athletes highlight the benefits of products like the Edge® 1040 Solar and Rally™ XC200 pedals. Garmin's cycling product suite offers advanced navigation, performance tracking, and safety features to enhance the cycling experience.

Garmin (NYSE: GRMN) has announced an expansion of its Force Kraken trolling motor series with a new 48-inch shaft length. This addition caters to smaller boats such as pontoons, flats boats, and microskiffs. The motor features a high-efficiency brushless motor with up to 100 pounds of thrust, longer run times, and wireless integration with Garmin chartplotters and smartwatches. Kraken models offer advanced precision, including anchor lock and built-in sonar integration. The 48-inch models are available in black and white, priced at $3599.99 and $3799.99 respectively, with other shaft lengths and configurations also available.

Garmin (NYSE: GRMN) has unveiled the Panoptix PS22-IF Ice Fishing Bundle, a revolutionary live sonar solution tailored for ice fishing. This innovative bundle features the PS22-IF transducer with a unique bracket and rotator design, eliminating the need for a cumbersome pole mount. Paired with the ECHOMAP UHD2 73sv touchscreen combo, it offers two types of Panoptix sonar: LiveVü Forward and LiveVü Down, which provide live sonar images up to 100 feet in any direction under the ice. This setup aims to enhance efficiency and fish scouting capabilities for anglers. The rugged, portable bundle includes a 7Ah battery, charger, power cable, and preloaded Garmin Navionics+ mapping for over 23,000 U.S. lakes. The product will be available in August, with a retail price of $1999.99, or $1249.99 for the transducer kit alone.

Garmin (NYSE: GRMN) has been chosen as the exclusive marine electronics and audio supplier for Independent Boat Builders, Inc. (IBBI) through 2029. Starting from the 2025 model year, IBBI member-owners will have direct access to Garmin's comprehensive range of marine electronics and audio solutions, including products from JL Audio, Fusion, and Clarion Marine. IBBI, a 15-owner network responsible for over 25% of boats sold in the U.S., has had a longstanding relationship with Garmin since 2014. Garmin has been recognized multiple times with IBBI's Supplier of the Year award and continues to be celebrated for its innovation and customer service.

Garmin (NYSE: GRMN) has announced its second quarter 2024 earnings conference call, scheduled for Wednesday, July 31, 2024, at 10:30 a.m. EDT. The earnings release will be issued before the market opens on the same day. Shareholders and investors are invited to listen to the live webcast, accessible through Garmin's investor events webpage. For those in the U.S. and Canada, participation via phone is available by dialing 1.800.715.9871. Analysts aiming to join the Q&A session should register and dial in 10 minutes before the start time. A recording of the webcast will remain available until July 30, 2025.

Garmin (NYSE: GRMN) has launched the Approach Z30 laser range finder, enhancing its golf ecosystem. The device offers precise distance readings up to 400 yards, includes a Range Relay feature to display distances on Garmin smartwatches or the Garmin Golf app, and provides elevation-adjusted yardages. Key features include six times magnification, vibration feedback on pin lock, and a PlaysLike distance feature accounting for air density. The Z30 integrates with Garmin's watches and app, supports a Tournament mode, and includes a magnetic mount and carrying case. It's priced at $399.99 and is water-resistant with a long-lasting battery.

Garmin Health has announced the finalists for the 2024 Garmin Health Awards, recognizing innovative health and wellness solutions that integrate Garmin wearable technology. The annual event saw over 75 submissions from 35 countries. Finalists will present their solutions at the 2024 Garmin Health Summit in Prague on September 24-25. The awards include categories for Expert's Choice and People's Choice, with winners receiving Garmin wearables worth up to $10,000. Finalists come from diverse areas such as human performance, women's health, insurance, employee health benefits, gym & fitness, and workforce safety & efficiency.