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) released a report on July 10, 2024, showcasing global cycling trends derived from its users. The findings indicate a 7% increase in overall cycling activities and a 12% rise in indoor cycling. Women are the fastest-growing demographic with a 9% activity increase. Cyclists in the UAE are the quickest, averaging 16 mph, while Danish cyclists generate the most power at 196 watts. Italian riders spend the most time on their bikes, averaging over two hours per ride and covering 29 miles. Garmin-sponsored athletes highlight the benefits of products like the Edge® 1040 Solar and Rally™ XC200 pedals. Garmin's cycling product suite offers advanced navigation, performance tracking, and safety features to enhance the cycling experience.
Garmin (NYSE: GRMN) has announced an expansion of its Force Kraken trolling motor series with a new 48-inch shaft length. This addition caters to smaller boats such as pontoons, flats boats, and microskiffs. The motor features a high-efficiency brushless motor with up to 100 pounds of thrust, longer run times, and wireless integration with Garmin chartplotters and smartwatches. Kraken models offer advanced precision, including anchor lock and built-in sonar integration. The 48-inch models are available in black and white, priced at $3599.99 and $3799.99 respectively, with other shaft lengths and configurations also available.
Garmin (NYSE: GRMN) has unveiled the Panoptix PS22-IF Ice Fishing Bundle, a revolutionary live sonar solution tailored for ice fishing. This innovative bundle features the PS22-IF transducer with a unique bracket and rotator design, eliminating the need for a cumbersome pole mount. Paired with the ECHOMAP UHD2 73sv touchscreen combo, it offers two types of Panoptix sonar: LiveVü Forward and LiveVü Down, which provide live sonar images up to 100 feet in any direction under the ice. This setup aims to enhance efficiency and fish scouting capabilities for anglers. The rugged, portable bundle includes a 7Ah battery, charger, power cable, and preloaded Garmin Navionics+ mapping for over 23,000 U.S. lakes. The product will be available in August, with a retail price of $1999.99, or $1249.99 for the transducer kit alone.
Garmin (NYSE: GRMN) has been chosen as the exclusive marine electronics and audio supplier for Independent Boat Builders, Inc. (IBBI) through 2029. Starting from the 2025 model year, IBBI member-owners will have direct access to Garmin's comprehensive range of marine electronics and audio solutions, including products from JL Audio, Fusion, and Clarion Marine. IBBI, a 15-owner network responsible for over 25% of boats sold in the U.S., has had a longstanding relationship with Garmin since 2014. Garmin has been recognized multiple times with IBBI's Supplier of the Year award and continues to be celebrated for its innovation and customer service.
Garmin (NYSE: GRMN) has announced its second quarter 2024 earnings conference call, scheduled for Wednesday, July 31, 2024, at 10:30 a.m. EDT. The earnings release will be issued before the market opens on the same day. Shareholders and investors are invited to listen to the live webcast, accessible through Garmin's investor events webpage. For those in the U.S. and Canada, participation via phone is available by dialing 1.800.715.9871. Analysts aiming to join the Q&A session should register and dial in 10 minutes before the start time. A recording of the webcast will remain available until July 30, 2025.
Garmin (NYSE: GRMN) has launched the Approach Z30 laser range finder, enhancing its golf ecosystem. The device offers precise distance readings up to 400 yards, includes a Range Relay feature to display distances on Garmin smartwatches or the Garmin Golf app, and provides elevation-adjusted yardages. Key features include six times magnification, vibration feedback on pin lock, and a PlaysLike distance feature accounting for air density. The Z30 integrates with Garmin's watches and app, supports a Tournament mode, and includes a magnetic mount and carrying case. It's priced at $399.99 and is water-resistant with a long-lasting battery.
Garmin Health has announced the finalists for the 2024 Garmin Health Awards, recognizing innovative health and wellness solutions that integrate Garmin wearable technology. The annual event saw over 75 submissions from 35 countries. Finalists will present their solutions at the 2024 Garmin Health Summit in Prague on September 24-25. The awards include categories for Expert's Choice and People's Choice, with winners receiving Garmin wearables worth up to $10,000. Finalists come from diverse areas such as human performance, women's health, insurance, employee health benefits, gym & fitness, and workforce safety & efficiency.
Garmin has announced the Edge 1050, its most advanced cycling computer yet, featuring a vivid color display, superior navigation, performance tracking, and extended battery life of up to 20 hours in regular use and up to 60 hours in battery saver mode. Key features include road hazard alerts, in-ride messaging, leaderboards, on-device course creation, Garmin Pay, a built-in speaker, and detailed performance analytics. The Edge 1050 is designed to enhance group rides with live locations, incident detection, and post-ride awards. It is priced at $699.99 and is available now.
Garmin (NYSE: GRMN) announced the appointment of Patrick Desbois and Brad Trenkle as co-Chief Operating Officers, effective July 1, 2024. Desbois will oversee aviation, auto OEM segments, global supply chain, IT, and HR, while Trenkle will manage consumer business segments, engineering, global consumer sales, marketing, and creative. Both will report to President and CEO Cliff Pemble, who will focus on long-term growth strategies. Desbois joined Garmin in 2011 and has held various leadership roles, including Executive Vice President of Operations. Trenkle has been with Garmin since 2002 and was promoted to Vice President of the Outdoor Segment in 2017.
Garmin shareholders have approved a quarterly cash dividend of $3.00 per share through March 2025. The dividend will be paid in four equal installments of $0.75 each. The schedule for the payments is as follows: June 28, 2024, September 27, 2024, December 27, 2024, and March 28, 2025. The respective record dates are June 17, 2024, September 13, 2024, December 13, 2024, and March 14, 2025. This decision was made at Garmin's annual shareholders' meeting in Schaffhausen, Switzerland on June 7, 2024.
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