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 (NYSE: GRMN) has launched the Approach R50, a premium launch monitor and golf simulator featuring a 10-inch color touchscreen display and over 43,000 preloaded golf courses worldwide. The device utilizes three cameras to track more than 15 ball and club metrics, including spin rate and spin axis. The R50 offers indoor virtual golfing capabilities with enhanced Home Tee Hero simulator, allowing up to four players to participate and compete in weekly tournaments. The device provides high-speed impact videos, comprehensive stat tracking, and compatibility with third-party simulators like GSPro and E6 Connect. Priced at $4,999.99, it features built-in Wi-Fi, four-hour battery life, and comes with a carrying case.
Garmin (NYSE: GRMN) has unveiled the Tread 2, a rugged off-road navigator designed for powersports enthusiasts. The device features a 6-inch ultrabright touchscreen display, IP67 dust/water rating, and comprehensive navigation tools including topographic maps, satellite imagery, and trail mapping capabilities. Priced at $699.99, the Tread 2 comes with built-in sensors for altitude, barometer, and compass readings. A new Handlebar Controller, sold separately at $149.99, offers convenient device control from vehicle handlebars. The system supports group tracking features and can integrate with inReach satellite communication devices for emergency assistance.
Garmin (GRMN) reported strong Q3 2024 results with record consolidated revenue of $1.59 billion, up 24% year-over-year. Operating income reached $437 million, a 62% increase, with expanded gross and operating margins of 60.0% and 27.6% respectively. GAAP EPS was $2.07, while pro forma EPS grew 41% to $1.99.
All segments showed growth, led by Auto OEM (+53%), Fitness (+31%), and Marine (+22%). The company raised its full year 2024 guidance, now expecting revenue of approximately $6.12 billion with pro forma EPS of $6.85.
Garmin (NYSE: GRMN) has acquired Lumishore, a privately-held company specializing in high-performance LED lighting systems for boats. Lumishore, with over 15 years of experience, offers premium LED lighting solutions for various vessels, from runabouts to superyachts. The acquisition brings a new product category that complements Garmin's existing marine portfolio and enhances vessel integration capabilities.
Lumishore, headquartered in Swansea, UK, with a distribution center in Sarasota, Florida, is known for its comprehensive range of single, dual, and full-color change underwater and above-water lighting systems. The company's associates will join Garmin's global workforce. While financial terms were not disclosed, this acquisition is expected to expand Garmin's innovative solutions across vessels and elevate the lighting experience for customers worldwide.
Garmin (NYSE: GRMN) has unveiled G3000 PRIME, its most advanced integrated flight deck to date. This FAA TSO certified system features 14-inch touchscreen primary display units with edge-to-edge glass and 7-inch secondary display units. G3000 PRIME offers enhanced processing power, a modern user interface, and advanced flight tools including Modified Flight Plan and Emergency Return functions.
The system incorporates Garmin's Autonomí technologies, including the Collier Trophy-winning Autoland system, as well as Smart Glide, Smart Rudder Bias, and Garmin Autothrottle. It also features terminal safety solutions like Runway Occupancy Awareness and connectivity options such as Wi-Fi, LTE, and Bluetooth. G3000 PRIME is designed to serve Part 23 turbine, military, and advanced air mobility markets.
Garmin (NYSE: GRMN) has been awarded the 2024 National Boating Safety Award by the Sea Tow Foundation for the fourth consecutive year. The award, presented on October 2, 2024, recognizes Garmin's outstanding commitment to promoting safe and responsible boating practices.
Garmin received top honors in the Gear and Equipment Manufacturer category for its efforts during National Safe Boating Week 2024. The company's initiatives included educational social media posts, informative blog content, and a special marine webinar demonstrating the use of Garmin electronics and emphasizing the importance of map updates.
Jarrod Seymour, Garmin Vice President and Marine Segment Leader, expressed pride in the company's commitment to creating products that support safe boating practices. Garmin's range of marine products, including inReach satellite communicators, charts, AIS monitoring, and marine radars, have long provided boaters with enhanced situational awareness and peace of mind.
Garmin (NYSE: GRMN) has been named the Most Innovative Marine Company for the second consecutive year by Soundings Trade Only, a leading trade publication for the recreational boating industry. The award was announced at the International BoatBuilders' Exhibition and Conference (IBEX) held Oct. 1-3. This marks Garmin's seventh consecutive year in the Top 5 companies.
The awards program evaluates companies in key innovation categories, including altruism/social awareness, development & technology, workforce culture, manufacturing process/supply chains, start-up mentality, and sustainability. Judges commended Garmin's commitment to purpose-driven innovations in people, processes, and products.
Garmin's Vice President and Marine Segment Leader, Jarrod Seymour, expressed pride in the team's dedication to providing continuous value through new ideas and game-changing technologies.
Garmin (NYSE: GRMN) has announced its upcoming third quarter 2024 earnings conference call, scheduled for Wednesday, October 30, 2024, at 10:30 a.m. EDT. The call will coincide with the company's earnings release, which will be distributed before the market opens on the same day. Shareholders, investors, and analysts are invited to participate in the live webcast available at Garmin's investor relations website. Those in the U.S. and Canada who prefer to join by phone, as well as analysts wishing to participate in the Q&A session, can dial 1.800.715.9871. It is recommended to join 10 minutes before the event start. An archive of the webcast will be accessible until October 29, 2025. For any inquiries, participants can contact investor.relations@garmin.com.
Garmin (NYSE: GRMN) has unveiled the Lily 2 Active, its smallest smartwatch with built-in GPS. This fashion-forward device features a metal watch case, two buttons, and a hidden display with a unique patterned lens. The Lily 2 Active boasts up to 9 days of battery life in smartwatch mode and 9 hours in GPS mode.
Key features include 24/7 health monitoring, women's health tracking, morning reports, and a meditation activity. The watch offers new sports apps for tennis, pickleball, indoor cycling, and golf. It's compatible with both iPhone and Android smartphones, allowing users to receive notifications directly on the watch. The Lily 2 Active is available in two colorways: Lunar Gold and Bone or Silver and Purple Jasmine, with a suggested retail price of $299.99.
Garmin has unveiled the new Fusion Apollo Marine Speakers and Subwoofers, combining premium sound quality with enhanced visual features. The series offers:
- Dual-hue LED lighting rings and interchangeable grilles
- High-fidelity sound and crystal-clear bass
- Easy integration with Fusion stereos and amplifiers
- Customizable appearance with removable grilles in various colors
- Size options for coaxial speakers (6.5", 7.7", 8.8") and subwoofers (10", 12")
- IP66 and IP67 rated for dust and water protection
- 3-year consumer warranty
The Apollo series is designed for superior durability and easy installation, with prices ranging from $549.99 to $949.99.
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