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Garmin Ltd - GRMN STOCK NEWS

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.

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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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Garmin (NYSE: GRMN) celebrates Global Running Day by highlighting data from its Garmin Connect community that shows the health benefits of running. Users running over 50 miles a week recorded higher sleep scores (75), Body Battery scores (83), and significantly lower stress levels compared to non-runners. The average run distance globally was 4.6 miles, with French users logging the longest runs at 5.43 miles. Irish runners had the fastest pace at 9 minutes, 6 seconds per mile. Garmin also promotes its range of smartwatches designed to enhance runners' performance, endorsed by professional athletes.

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Vuzix (NASDAQ: VUZI) has signed a multi-phase development contract with Garmin to create advanced nano-imprinted waveguide display systems utilizing microLED technology.

Under this agreement, Vuzix will develop custom waveguide-based optical systems and eventually deliver production units.

The collaboration aims to enhance Garmin's product offerings by providing significant cost, form factor, and space savings. Vuzix's expertise in volume production nano-imprinting and optical design will play a important role in this venture.

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Garmin announced the call for entries for the 2024 Garmin Health Awards, recognizing innovative solutions that integrate Garmin wearable technology into health and wellness programs. The awards include two categories, judged by industry experts and Summit attendees, with winners receiving Garmin wearables worth up to $10,000. Submissions are accepted until May 31, 2024, with finalists presenting at the Garmin Health Summit in June.

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Garmin has been recognized as the Best Supplier by Embraer for the ninth consecutive year, showcasing their excellence in the Electrical & Electronic Systems category. This award highlights Garmin's commitment to quality, customer support, and on-time delivery. The collaboration between Embraer and Garmin has been strong, leading to this prestigious recognition.

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Garmin announced record first-quarter results for 2024, with consolidated revenue reaching $1.38 billion, a 20% increase from the previous year. The company reported strong growth in all segments, with gross margin and operating margins expanding significantly. Operating income grew by 51%, reaching $298 million. Garmin achieved GAAP EPS of $1.43 and pro forma EPS of $1.42, showcasing a 39% growth in pro forma EPS year-over-year. The company was named the 2024 Supplier of the Year by Independent Boat Builders, Inc. Garmin also highlighted the importance of its Garmin inReach devices in remote communications and emergency response coordination.

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Garmin expands its avionics database solutions for Europe, offering cost-effective options for European customers. The Garmin Navigation Database now covers over 35 countries and 3,400 airports, providing essential navigation data. Customers can choose from various purchase options, including single updates, annual bundles, and OnePak subscriptions. Pilots can easily update their avionics databases with device bundles and OnePak subscriptions, saving on costs. Standalone navigation database updates are also available for European customers. The Garmin Aviation Database Manager simplifies the update process, ensuring pilots have the latest data for safe flying.
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Garmin announced the retirement of General Counsel Andrew Etkind, with Josh Maxfield set to assume the role effective July 1, 2024. Maxfield, currently an Associate General Counsel, has been prepared for this role through his extensive experience in legal and business matters. Etkind, who joined Garmin in 1998, played a crucial role in the company's growth and development, including the initial public offering.
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Garmin (GRMN) announces its first quarter 2024 earnings conference call scheduled for May 1, 2024, at 10:30 a.m. EDT. Shareholders and investors are invited to join the live webcast to hear executives discuss the company's financial performance.
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Garmin celebrates Justin Hamner's victory in the 2024 Bassmaster Classic with LiveScope technology. Hamner secured a wire-to-wire win using Garmin electronics, including ECHOMAP Ultra 2 chartplotters and LiveScope Plus. Four of the top six finishers at the event were Garmin pro anglers, showcasing the brand's dominance in the fishing electronics market.
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FAQ

What is the current stock price of Garmin (GRMN)?

The current stock price of Garmin (GRMN) is $208.99 as of December 20, 2024.

What is the market cap of Garmin (GRMN)?

The market cap of Garmin (GRMN) is approximately 39.4B.

What are the main product verticals for Garmin Ltd.?

Garmin Ltd. specializes in GPS-enabled hardware and software across five verticals: fitness, outdoors, auto, aviation, and marine.

How does Garmin distribute its products globally?

Garmin operates in over 100 countries, selling its products through distributors and OEM partnerships.

What recent advancements has Garmin made in automotive technology?

Garmin showcased its Unified Cabin™ automotive suite at CES 2024, featuring technologies like Dolby Atmos audio, zoned voice assistance, and improved device connectivity.

What is the Panoptix™ PS70?

The Panoptix™ PS70 is Garmin's latest live sonar device, providing real-time views at depths up to 1,000 feet, designed for deep-sea sportfishing.

How did Garmin perform financially in 2023?

Garmin reported record full-year revenue across three segments, driven by new product launches and strong market demand in 2023.

Which automobile manufacturers are partnering with Garmin?

Garmin collaborates with leading automakers such as BMW, Daimler, Ford, Honda, Mercedes Benz, Nissan, and Toyota.

What is Garmin's approach to product innovation?

Garmin focuses on practical innovation, ensuring that their products bring tangible benefits to customers without unnecessary complexity.

Where is Garmin headquartered?

Garmin Ltd. is incorporated in Switzerland, with principal subsidiaries in the United States, Taiwan, and the United Kingdom.

What makes Garmin's marine products stand out?

Garmin's marine products, like the Panoptix™ PS70 sonar, provide advanced features for real-time, deep-sea views, earning industry accolades and setting new standards.

What are some of Garmin's recent achievements in the fitness segment?

Garmin's fitness segment saw a 40% revenue increase in Q1 2024, driven by demand for advanced wearables and the launch of the Forerunner® 165 Series.

Garmin Ltd

NYSE:GRMN

GRMN Rankings

GRMN Stock Data

39.45B
154.86M
19.22%
57.45%
1.7%
Scientific & Technical Instruments
Search, Detection, Navagation, Guidance, Aeronautical Sys
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United States of America
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