Garmin Ltd - GRMN STOCK NEWS

Garmin Ltd. (NYSE: GRMN) reported its fourth quarter 2022 results, revealing a 6% decline in consolidated revenue to $1.31 billion. The company achieved a gross margin increase to 57.0% despite an operating income decrease of 15% to $267 million. For fiscal year 2022, Garmin's revenue totaled $4.86 billion, down 2%, influenced by currency fluctuations. Notably, the aviation segment grew by 27% in Q4, while the fitness segment faced a 28% revenue drop. Garmin projects a revenue increase to approximately $5.00 billion for 2023 with a pro forma EPS of $5.15.

Garmin will supply its fēnix® 7 adventure watches for the upcoming Polaris Dawn space mission, aiding research into how space travel impacts human health. The mission, set to launch aboard a SpaceX Falcon 9 from NASA's Kennedy Space Center, aims to gather biometric data from crew members over a five-day period using Garmin's smartwatches. Key metrics such as heart rate and sleep patterns will be monitored continuously without needing battery recharges. This collaboration with the Translational Research Institute for Space Health focuses on advancing knowledge of human adaptation to space conditions.

Garmin (NYSE: GRMN) has launched the vívomove Trend, a stylish hybrid smartwatch that combines a classic analog design with essential smart features. This smartwatch offers health and fitness tracking capabilities, including all-day stress monitoring, sleep scoring, and various preloaded activities. The vívomove Trend boasts impressive battery life of up to 5 days in smartwatch mode and supports wireless charging. With a suggested retail price starting at $269.99, it caters to users seeking both functionality and fashion. Available in multiple colorways, it supports smartphone notifications and Garmin Pay for contactless payments.

Garmin (NYSE: GRMN) has launched the Apollo WB675 Marine Hideaway Stereo, enhancing boat audio options with a compact design that maximizes dash space. The new stereo features Multi-Zone™ Technology, allowing customization of four audio zones for an advanced listening experience. It streams premium audio via Apple AirPlay® 2 and incorporates Digital Signal Processing for superior sound quality. Designed for durability, the WB675 is tested against harsh marine conditions and comes with a three-year warranty. Priced at $499.99, this stereo reflects Garmin's commitment to innovation in marine electronics.

Garmin (NYSE: GRMN) has unveiled its FDA-cleared ECG App for the Venu 2 Plus smartwatch, enabling users to record a 30-second ECG and monitor for signs of atrial fibrillation (AFib) anytime. This groundbreaking feature is aimed at enhancing user health management by allowing immediate heart rhythm results on the device and detailed reports via the Garmin Connect app. Available in the United States, the app is part of Garmin's ongoing efforts to innovate health-focused wearable technology. Garmin plans to expand the ECG App to other products and regions pending regulatory approvals.

Garmin Ltd. (NYSE: GRMN) will host its Fourth Quarter 2022 earnings conference call on February 22, 2023, at 10:30 a.m. EST. This event coincides with the release of its earnings report, which will be made available before market opening on the same day. Interested participants can join via webcast or register for a dial-in number to participate in the question-and-answer session. An archive of the webcast will remain accessible until February 21, 2024.

Garmin is committed to developing innovative technology for athletes and outdoor enthusiasts, reinforcing its position in the market.

Garmin (NYSE: GRMN) announced the launch of its new ECHOMAP UHD2 series chartplotters, designed for anglers with innovative features such as Ultra High-Definition sonar and preloaded Garmin Navionics+ mapping. The chartplotters come in 6", 7", or 9" touchscreen displays and offer wireless networking for data sharing. Prices range from $799.99 to $1299.99. The devices leverage advanced sonar technology for superior imaging and are equipped with Auto Guidance+ for efficient navigation. Garmin continues to strengthen its market position as a leading marine electronics manufacturer.

Garmin (NYSE: GRMN) has launched its Garmin Navionics+ mapping solution for ECHOMAP Ultra and UHD2 series chartplotters. This upgrade provides advanced features including a redesigned map interface, daily map updates, and Auto Guidance+ technology for enhanced navigation. Users will benefit from vibrant colors, superior depth detail, and access to 42,000 lakes globally. A one-year subscription for daily updates is included, allowing mariners to stay informed with real-time data. Garmin continues to innovate in marine electronics, aiming for optimal boating and fishing experiences.

Garmin has introduced the Tread XL – Baja Race and Tread XL – Baja Chase Edition navigators, designed for high-speed off-road racing. These rugged devices feature 10-inch glove-friendly touchscreens and IP67 ratings for dust and water resistance. Built-in inReach technology enables live tracking and messaging, enhancing team coordination during races. The Baja Race Edition is priced at $2,499.99, while the Baja Chase Edition is available for $1,799.99. These products aim to revolutionize Baja racing by providing advanced navigation tools and team tracking capabilities.