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 Ltd. (GRMN) reported third-quarter 2020 results with total revenue exceeding $1.1 billion, a 19% year-over-year growth. Key growth drivers were marine (54% increase), fitness (35%), and outdoor (30%) segments. Gross margin was 60.2% and operating margin 28.6%, leading to operating income of $317 million, up 21%. GAAP diluted EPS reached $1.63, representing a 37% increase. The company expects full-year 2020 revenue around $4.0 billion and pro forma EPS of $4.70.
Garmin introduced the STRIKER™ Cast, a versatile castable fishfinder designed for anglers. It wirelessly transmits sonar data to smartphones or tablets, aiding users in locating fish and structures in both fresh and saltwater. The device operates in depths from less than 2 ft to 150 ft and has features like built-in GPS for creating fishing maps. STRIKER Cast comes in two models priced at $179.99 and $129.99. This launch aligns with growing consumer interest in outdoor activities.
Garmin has launched the STRIKER™ Vivid series, enhancing its fishfinder products with seven new high-contrast color palettes for improved sonar visibility. Featuring Garmin's CHIRP technology, users benefit from crystal-clear fish arches and enhanced target separation. The series includes a built-in GPS for easy marking of fishing spots and route planning, along with Quickdraw Contours for HD mapping. With built-in Wi-Fi, users can connect to the ActiveCaptain app for notifications and updates. Prices range from $179.99 to $599.99 and will be available next month.
Garmin International has launched its new GPSMAP 7x3, 9x3, and 12x3 series of mid-sized chartplotters, enhancing marine navigation with advanced features and sleek designs. The new models offer improved resolution, nearly double the processing power, and high-resolution displays for excellent clarity. They include built-in sonar capabilities and Garmin's exclusive cartography. Prices range from $999.99 to $2899.99, with availability expected next month.
Garmin International has launched the Instinct® Esports Edition, a GPS smartwatch designed for esports individuals. This device features advanced health and fitness tracking to monitor heart rate and stress levels during gaming sessions. It includes a dedicated esports activity profile and the STR3AMUP!™ tool for livestreaming biometric data. With a battery life of up to 80 hours in esports mode, the smartwatch supports smart notifications and is built to military standards. Priced at $299.99, it aims to enhance both cognitive and physical performance in competitive environments.
Garmin has launched its latest dive computers, the Descent Mk2 and Descent Mk2i, featuring advanced air integration through the new SubWave sonar technology. These devices provide tank pressure data and monitor multiple diver metrics, boasting a larger display and enhanced smartwatch functionalities. The Descent Mk2 series supports various dive modes and can track data like depth and gas consumption. With up to 16 days of battery life in smartwatch mode and 80 hours in dive mode, the devices are priced from $1,299.99 to $1,499.99, available now, while the T1 transmitter will be released later in Q4 2020.
Garmin International has received the 2020 Grand Laureate Award in Business Aviation from Aviation Week Network for its innovative Autoland technology. This system enables general aviation aircraft to land autonomously without pilot intervention, enhancing flight safety. The award was presented during a virtual ceremony on October 19, 2020. Autoland has already achieved FAA certification for certain aircraft models and is set to be featured in over 100 aircraft by the end of 2020. Garmin's commitment to aviation safety and technological advancement is underscored by this recognition.
Garmin has launched the vívofit® jr. 3 kids' fitness tracker, designed for engaging children in physical activity. It features a color display, various designs, and a battery life of up to a year. The tracker incentivizes kids to achieve daily goals through the Garmin Jr.™ app, which includes adventures and mini-games. Priced at $79.99, it's available now, aiming to help parents manage their children’s routines while promoting healthier habits.
Garmin International has launched the GPS 24xd marine position receiver and antenna, enhancing mariners' positioning capabilities with advanced multi-band GPS technology. Utilizing L1 and L5 frequencies and satellite constellations like GPS, Galileo, GLONASS, and BeiDou, it ensures location accuracy within 1 meter and heading precision within 3 degrees. Priced at $299.99, the GPS 24xd is compatible with various Garmin marine chartplotters. This product signifies Garmin's commitment to innovative marine technology, as recognized by their recent award as Manufacturer of the Year by the NMEA.
Garmin has launched the Index S2™ smart scale, enhancing its predecessor with improved accuracy and a new weight trend graph feature. Designed for both athletes and health-conscious users, it measures various biometrics including weight, body fat percentage, and BMI, syncing data seamlessly to the Garmin Connect™ account via Wi-Fi. The scale accommodates up to 16 users and offers customizable widgets. Available in black or white, it retails at $149.99 with a battery life of up to 9 months.
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