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) 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.
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.
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.
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.
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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