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 announced the integration of the TXi Engine Indication System (EIS) display into its cockpit retrofit solution for Pilatus PC-12/45 and PC-12/47 aircraft. This upgrade provides enhanced engine monitoring, including dynamic gauge limits and wireless flight data logging. The certification for this system is anticipated in the first half of 2022, offering pilots improved operational capabilities and reduced maintenance costs. The retrofit package includes a modern display, autopilot, navigators, and more, aiming to address customer demand for a comprehensive retrofit.
Garmin will host its Garmin Developer Virtual Conference (GDVC) on October 13, 2021, continuing its online format. The free, global event aims to provide insights into Connect IQ and Garmin Connect technologies, addressing both newcomers and seasoned developers. Keynote speakers include fitness expert DC Rainmaker, with sessions covering advanced wellness monitoring and fitness tech trends. This initiative reinforces Garmin's commitment to innovation and enhancing user experiences within its developer ecosystem.
Garmin has been named Manufacturer of the Year for the seventh consecutive time by the National Marine Electronics Association (NMEA) during an event on
Garmin has launched the Adventure Racing sport profile, allowing endurance athletes to track vital information during competitions using the Enduro multisport watch. This update enables competitors to monitor biometric data and utilize features like altimeter and compass while adhering to Adventure Racing rules. The Enduro watch offers a battery life of up to 70 hours in GPS mode. Athletes can now compete while keeping the watch on, enhancing their experience during rugged multisport events.
Garmin (NASDAQ: GRMN) has launched its innovative Surround View Camera System, designed for recreational boating and yachting. This system utilizes six 1080p cameras to provide a live 360-degree view around the vessel, enhancing situational awareness for low-speed maneuvers like docking. Key features include a Visual Bumper for obstacle detection and Distance Markers for navigating tight spaces. The system integrates seamlessly with Garmin chartplotters and is available for demonstration at the Cannes Yachting Festival and Fort Lauderdale Boat Show. This innovation aims to improve safety and ease of boating operations.
The board of Garmin Ltd. (NASDAQ: GRMN) has announced a dividend of $0.67 per share, payable on September 30, 2021, with a record date of September 15, 2021. This is part of an overall cash dividend approved at the 2021 annual shareholders’ meeting, totaling $2.68 per share, to be distributed in four equal installments. The first installment was paid on June 30, 2021. Future payments are scheduled for December 31, 2021 and March 31, 2022, pending board approval.
Garmin Ltd. (NASDAQ: GRMN) has partnered with Malibu Boats, Inc. to exclusively equip its Axis Wake Research boats with a customized 7-inch touchscreen display starting in model year 2022. This collaboration underscores Garmin's commitment to enhancing the boating experience with superior technology and reliability. The new display will feature customized shortcut keys and is designed to withstand the marine environment, supporting enhanced functionality for water sports enthusiasts. Garmin's market leadership in marine electronics continues to be reinforced through such strategic partnerships.
Garmin has launched the Approach R10, a portable golf launch monitor designed to enhance golfers' performance. This device provides real-time metrics such as club head speed, ball speed, and swing tempo, making it suitable for golfers at all levels. The Approach R10 features a Training Mode for tracking stats and a Home Tee Hero simulator offering access to over 42,000 golf courses. Priced at $599.99, it includes a 30-day free trial for Garmin Golf app premium membership, allowing users to participate in weekly tournaments and utilize advanced golfing simulations.
Garmin International, a unit of Garmin Ltd. (NASDAQ: GRMN), has launched the Apollo™ Series amplifiers from Fusion® Entertainment. These amplifiers enhance audio clarity and reduce distortion for boats equipped with Fusion DSP-enabled stereos. Key features include 150 W RMS per channel, High Power Mode, and Multiple Protection Modes. Installation is simplified with in-the-box mounting brackets and the Fusion-Link app. The amplifiers are available in various channel options, priced from $179.99 to $949.99. Garmin aims to provide high-end audio quality for marine environments.
Garmin Ltd. (NASDAQ: GRMN) reported a record revenue of $1.33 billion for Q2 2021, marking a 53% increase year-over-year, driven by strong performance across all segments. Operating income surged 97% to $371 million, and GAAP EPS rose to $1.64, an 85% increase in pro forma EPS. The company launched several new products, including Venu 2 smartwatches and the Descent Mk2S dive computer. Despite a marginal dip in gross margin to 58.8%, Garmin raised its full-year guidance to approximately $4.9 billion in revenue and $5.50 in pro forma EPS.
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