Welcome to our dedicated page for Garmin news (Ticker: GRMN), a resource for investors and traders seeking the latest updates and insights on Garmin stock.
Garmin Ltd. (NYSE: GRMN) is a globally recognized leader in the development of GPS-enabled hardware and software across five verticals: fitness, outdoors, auto, aviation, and marine. Established in 1989 in Kansas City, Garmin has grown exponentially, maintaining its entrepreneurial spirit while fostering a culture where every voice counts. This ethos drives the company’s innovative spirit, making technology accessible and meaningful to a global audience.
Garmin’s product portfolio includes a wide range of devices tailored to meet the needs of various niche activities such as scuba diving, sailing, and off-road adventures. The company’s GPS systems are known for their reliability and precision, making them favorites among athletes, outdoor enthusiasts, and professionals alike. Garmin's presence is truly global, with operations in over 100 countries and a diverse network of distributors and original equipment manufacturer (OEM) partnerships.
Recently, Garmin has made significant strides in expanding its offerings and enhancing product capabilities. For instance, the company’s Unified Cabin™ automotive suite was showcased at CES 2024, featuring advanced technologies like Dolby Atmos audio, zoned voice assistance, and improved device connectivity. Garmin's collaboration with leading automobile manufacturers such as BMW, Daimler, Ford, and Honda further underscores its commitment to innovation and quality.
In the marine segment, Garmin launched the Panoptix™ PS70, a groundbreaking live sonar device capable of providing real-time views at depths of up to 1,000 feet. This technology offers a video-like experience with rapid updates, setting a new standard for deep-sea sportfishing. The company's marine products continue to revolutionize the industry, earning accolades and solidifying Garmin's position as a market leader.
Financially, Garmin is robust, consistently achieving record revenue in multiple segments. In 2023, the company reported record full-year revenue across three of its five segments, driven by the successful launch of new products and strong market demand. Garmin’s financial health is further highlighted by its significant operating cash flow and a well-maintained dividend policy, ensuring long-term value for shareholders.
Garmin’s future projects and partnerships are indicative of its forward-looking strategy. The company continues to collaborate with industry leaders like Kawasaki and Vuzix to integrate advanced technologies into its offerings, ensuring that it remains at the forefront of innovation in the tech world.
Garmin has launched the Instinct® Crossover, a hybrid GPS smartwatch that combines the aesthetics of a traditional analog watch with advanced smartwatch features. This rugged watch includes solar charging technology, offering up to 70 days of battery life and over 110 hours in GPS mode. It features health monitoring tools like Body Battery™ and VO2 Max. With MIL-STD-810 durability and water resistance up to 10 ATM, the Instinct Crossover is designed for outdoor activities. The starting price is $499.99.
Garmin International announced that L3Harris Technologies selected its G3000™ integrated flight deck for a contract under the U.S. Special Operations Command's Armed Overwatch program. This marks a significant collaboration, integrating advanced avionics in the Sky Warden combat aircraft. The G3000 offers modern aviation capabilities, enhancing communication, navigation, and surveillance systems, all while supporting lower life-cycle costs. The contract includes delivery of up to 75 aircraft, highlighting Garmin's commitment to military aviation solutions.
Garmin International, a subsidiary of Garmin Ltd. (NYSE: GRMN), announced a legal victory in a patent lawsuit filed by Logantree LP in Kansas federal court. The jury ruled that Garmin's smartwatches do not infringe on Logantree's patent claims. Garmin emphasized its commitment to defending against unfounded patent lawsuits, underscoring the company's dedication to innovation and its engineering team. The verdict may still be appealed. This ruling reinforces Garmin's position in the competitive smartwatch market.
Garmin Ltd. reported third-quarter 2022 results, revealing a consolidated revenue of $1.14 billion, a 4% decline year-over-year. The stronger U.S. dollar negatively impacted revenues by approximately $70 million. Despite this, gross margin expanded to 58.8%, with operating margin at 21.0%. GAAP EPS was $1.09, reflecting a 19% decrease from the previous year. Garmin raised its full-year EPS guidance to $4.95 while anticipating revenue of $4.85 billion. Notable product launches included the Index BPM smart blood pressure monitor and advancements in outdoor and aviation segments.
Garmin International, a subsidiary of Garmin Ltd. (NYSE: GRMN), has marked a significant milestone by aiding in 10,000 SOS incidents through its inReach devices. These devices offer two-way satellite communication, allowing users to send SOS messages and communicate with emergency responders globally. Since 2011, Garmin Response has managed SOS incidents in over 150 countries, catering to various activities from hiking to driving. The solution is designed to provide peace of mind for adventurers, ensuring help is readily available via the dedicated SOS feature.
Garmin International has launched the Garmin Navionics+ cartography solution preloaded in select GPSMAP series chartplotters, enhancing marine navigation and fishing experiences. This innovative mapping solution features daily updates, new Auto Guidance+ technology, and advanced chart presentation, providing boaters with detailed insights and improved routing. Coverage includes over 42,000 lakes globally, with up to 5,000 updates daily. The product aims to elevate situational awareness on the water, reinforcing Garmin's commitment to innovation in marine electronics.
Garmin International, a unit of Garmin Ltd. (NYSE: GRMN), received multiple accolades for its innovation and safety in the marine industry. Key honors include the IBEX Innovation Award for the Surround View camera system, the National Boating Industry Safety Award for its Safe Boating Campaign, and a Top 10 Most Innovative Marine Company recognition by Soundings Trade Only, where Garmin ranked No. 3. These awards reflect Garmin's continuous efforts to enhance boating safety and product innovation. The announcements followed the cancellation of the IBEX tradeshow, originally scheduled for late September 2022.
Garmin Health has launched the Garmin Health Research Solutions, an online library featuring over 500 research projects that utilize data from Garmin wearables. This initiative aims to support health research by providing high-resolution data on metrics like heart rate and sleep.
Validated studies include topics such as Parkinson’s medication management and COVID-19 prediction. Researchers are invited to a webinar on October 26 to explore Garmin's latest sensor technology and its application in research.
Garmin Ltd. (NYSE: GRMN) has received Supplemental Type Certification (STC) from the FAA for the GI 275 electronic flight instrument in the Dassault Falcon 7X business jet. This replaces the aircraft's original secondary flight display and enhances functionality with synthetic vision technology. A second GI 275 will be used for multifunction display capabilities, reducing crew workload. The GI 275's features include connection via Bluetooth for flight plan transfers and integration with existing systems. Installation is available immediately, with minimal downtime expected.
Garmin Ltd. (NYSE: GRMN) has secured the title of Manufacturer of the Year for the eighth consecutive year at the NMEA conference on October 6 in Anaheim, California. The company also won five Product of Excellence awards in categories including multi-function display, autopilot, and multimedia entertainment. These accolades, voted on by NMEA dealers, underscore Garmin's commitment to excellence in marine electronics and customer service, validating the company's dedication and innovation in the industry.
FAQ
What is the current stock price of Garmin (GRMN)?
What is the market cap of Garmin (GRMN)?
What are the main product verticals for Garmin Ltd.?
How does Garmin distribute its products globally?
What recent advancements has Garmin made in automotive technology?
What is the Panoptix™ PS70?
How did Garmin perform financially in 2023?
Which automobile manufacturers are partnering with Garmin?
What is Garmin's approach to product innovation?
Where is Garmin headquartered?
What makes Garmin's marine products stand out?
What are some of Garmin's recent achievements in the fitness segment?
