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. reports developments across GPS-enabled hardware and software for fitness, outdoor, automotive, aviation and marine markets. Company news commonly covers earnings releases, new smartwatch features, aviation flight deck systems, marine sonar and chartplotter products, and integrations through the Connect IQ platform and connected wearables.
Garmin updates also include audio products under JL Audio and Fusion, inReach satellite and cellular connectivity, supplier recognition in aviation, and product partnerships tied to health, messaging and outdoor communications. The company is incorporated in Switzerland, with principal subsidiaries in the United States, Taiwan and the United Kingdom.
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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