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 Ltd. (NASDAQ: GRMN) reported record Q3 revenue of $1.19 billion, a 7% year-over-year increase, alongside a notable decline in operating income by 11% to $283 million. GAAP EPS dropped 18% to $1.34, while pro forma EPS decreased by 11% to $1.41. Despite these figures, strong growth was observed in the aviation (19%) and marine (25%) segments. The company has raised its full-year revenue and EPS guidance, now forecasting approximately $4.95 billion in revenue and $5.60 pro forma EPS. Garmin also announced new product launches and strategic partnerships during the quarter.
Garmin has launched the GPSMAP 79 marine handheld series, designed for mariners seeking essential navigation tools. The series includes the GPSMAP 79s with a worldwide basemap and the GPSMAP 79sc featuring BlueChart g3 coastal charts. Key enhancements include a rugged design, a sunlight-readable, high-resolution display, and up to 19 hours of battery life. Prices start at $299.99 for the 79s and $349.99 for the 79sc. This move aims to strengthen Garmin's position as a leading marine electronics manufacturer.
Garmin has launched the new GMR Fantom™ 18x and GMR Fantom 24x solid-state dome radars, designed for improved marine navigation. These radars feature 50 watts of output power, which is double that of competitors, allowing for enhanced target detection over a range of 20’ to 48 nautical miles. The technology includes MotionScope™ for tracking moving targets, and users can choose between black and white color options. Priced between $2,199.99 and $3,099.99, they are expected to be available in December 2021.
Wellteq Digital Health Inc. (CSE:WTEQ, OTCQB:WTEQF) has extended its three-year agreement with nib health funds, Australia’s fourth-largest private health insurer, emphasizing their long-standing relationship. This extension allows Wellteq to enhance member engagement via its customized digital health platform, integrating Garmin and other health providers. nib, serving over 1.2 million policyholders, aims to transform from a traditional payer to a health partner, focusing on personalized care and health management tools for its members.
Garmin has launched the new DriveSmart™ 66, 76, and 86 series of portable car GPS navigators featuring enhanced displays, voice assist navigation, and preloaded traveler content. These devices boast 6, 7, and 8-inch high-definition screens for clear route visibility. The models offer hands-free calling, driver alerts, and access to detailed maps of North America. Prices range from $249.99 to $349.99. The series aims to simplify the driving experience with additional features like real-time traffic, built-in Wi-Fi, and Alexa support.
Garmin Ltd. (NASDAQ: GRMN) has launched the Dexcom Connect IQ apps for users of the Dexcom G6 Continuous Glucose Monitor. This feature enables individuals with Type 1 and Type 2 diabetes to monitor their glucose levels and trends conveniently on their Garmin smartwatch or cycling computer, even during workouts. The app offers real-time glucose data and a 3-hour historical view, enhancing the user experience while exercising. Available now in the Connect IQ Store for U.S. customers, this integration marks Garmin's first partnership with Dexcom utilizing their new real-time API.
Garmin Ltd. (Nasdaq: GRMN) has announced its upcoming third quarter 2021 earnings conference call, scheduled for October 27, 2021, at 10:30 a.m. EDT. This call will be broadcast via the Internet in conjunction with the earnings release that will be distributed prior to market open on the same date. Investors can join the call using the provided link or by dialing in. An archived recording will be accessible until October 26, 2022. Garmin continues to innovate across multiple sectors including aviation, automotive, fitness, and marine.
Garmin announced that 10% of the Citation Excel and XLS fleet has been upgraded with the G5000 integrated flight deck. This retrofit modernizes the cockpit, reduces operational costs, and enhances situational awareness. Highlights include three landscape-oriented displays, a fully digital Automatic Flight Control System, and compliance with FAA and EASA regulations. Additional features such as SVT synthetic vision technology and advanced weather radar enhance flight safety and efficiency. The upgrades are gaining popularity among aircraft owners since program certification just two years ago.
Garmin has announced the integration of the TXi Engine Indication System (EIS) display into its cockpit retrofit solution for Pilatus PC-12/45 and PC-12/47 aircraft. This upgrade provides enhanced engine monitoring, including dynamic gauge limits and wireless flight data logging. The certification for this system is anticipated in the first half of 2022, offering pilots improved operational capabilities and reduced maintenance costs. The retrofit package includes a modern display, autopilot, navigators, and more, aiming to address customer demand for a comprehensive retrofit.
Garmin will host its Garmin Developer Virtual Conference (GDVC) on October 13, 2021, continuing its online format. The free, global event aims to provide insights into Connect IQ and Garmin Connect technologies, addressing both newcomers and seasoned developers. Keynote speakers include fitness expert DC Rainmaker, with sessions covering advanced wellness monitoring and fitness tech trends. This initiative reinforces Garmin's commitment to innovation and enhancing user experiences within its developer ecosystem.