All Garmin articles
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ArticleGarmin lifts annual forecast, with the outdoor segment helping growth in Q3
The Swiss fitness device manufacturer boosted its annual forecast again after a stellar Q3, with operating income up 62% and net income up 55% on double-digit growth across all segments.
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ArticleGarmin adjusts FY guidance
Sales in the Outdoor segment fell by almost 2 percent due to lower sales of its adventure watches, but Garmin still achieved overall operating income growth of 20 percent with a 14 percent total revenue expansion.
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News briefsCycling trends from around the world, according to Garmin
Garmin has released a report showing how cyclists around the world are logging kilometers and the positive impact this has on health. Data from the Garmin Connect community also shows that cycling is becoming increasingly popular. Here are some of the key findings from the past year: Cycling activity ...
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News briefsTwo long-standing executives to share new COO role at Garmin
Garmin announced today that Patrick Desbois and Brad Trenkle have both been appointed to the newly created role of Chief Operating Officer, effective July 1, 2024. Source: Garmin Patrick Desbois Desbois will provide executive oversight for Garmin’s aviation and auto OEM segments, global supply chain and operations, ...
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ArticleGarmin gains on positive results from fitness and automotive segments
Swiss navigation and fitness device manufacturer Garmin, in its seasonally lowest quarter of the FY, reported a 51 percent increase in Q1 operating income to $298.4 million from $197.0 million for the period ended March 30. Net income was up 36 percent year-over-year to nearly $276 million, and gross margin ...
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News briefsSuccessor for Garmin’s first General Counsel
Switzerland-based Garmin Ltd. announced today that Andrew Etkind, a company veteran, will step down from the position of General Counsel, effective July 1, 2024. Etkind will continue to serve as Vice President and Secretary for Garmin, while Josh Maxfield will assume the role of Vice President, General Counsel and Assistant ...
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ArticleGarmin reports strong Q4 results, guides to 10 percent revenue growth in FY24
Fueled by double-digit gains in both net sales and operating income, Garmin reported strong Q4 results and offered guidance on FY24, where it sees total sales improving by 10 percent to $5.75 billion but overall gross margin contracting by 100 basis points to 56.5 percent. In Q4 ended Dec. ...
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ArticleGarmin posts strong Q3 results
Bolstered by double-digit percentage growth in revenue, operating income and net income and record Q3 sales in four of five segments, Garmin reported a 12.9 percent increase in operating income to $270.4 million for the period ended Sept. 30 as net income came in 22.0 percent higher at $257.2 million ...
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ArticleInterest income and currency gains drive net profit in Garmin's Q2
Boosted by more than $29.6 million in interest income and gains on foreign currency, Garmin posted 11.7 percent net income growth to $287.9 million from $257.9 million. Without the two gains, the group’s profit would have been essentially flat for the period ended July 1. Second quarter operating income fell ...
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News briefsGarmin and Outdooractive become partners of German Mountain and Ski Guides Association
With Garmin and Outdooractive, the German Mountain and Ski Guides Association (VDBS) welcomes two prominent industry partners to its network and is pleased to be able to offer mountain and ski guides and hiking guides even more benefits in the future. “As a professional association, we create the optimal framework ...
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News briefsStar investors for the All in Biking app
Spanish tennis players David Ferrer and Juan Carlos Ferrero and former Moto GP racer Sete Gibernau have invested in All in Biking. Headquartered in Alicante, Spain, All in Biking was founded in November 2021 by José Julio Becerril and Juan Antonio Cano. Through the All in Biking app, users can ...
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ArticleGarmin maintains FY23 outlook
Garmin, which generated an 85 percent increase in Q1 free cash flow to nearly $232.4 million and paid a quarterly dividend approaching $140 million, is standing by its FY23 financial guidance that calls for approximate revenues of $5.0 billion and pro forma EPS of $5.15 a share. In Q1, ...
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ArticleGarmin's operating income drops in Q4, targets $5 billion for FY23
Positive currency effects of more than $44.5 million helped Garmin report a 2.5 percent increase in Q4 net income to $293.3 million from $286.1 million. Operating income decreased 15 percent to $267.2 million for the period ended Dec. 31, but gross margin improved to 57.0 percent from 55.5 percent. Total ...
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News briefsFull Circle Everest Expedition summits and sets a sign of diversity in climbing
Seven members of the all-black climber’s team of the Full Circle Everest Expedition reached the summit peak on May 12, 2022, roughly 60 years after the first U.S. citizen climbed Everest for the first time. The Full Circle Everest Expedition (counting eleven experienced climbers) set out to make history with ...
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News briefsVF named one of the top female-friendly companies in the world
VF Corp. was ranked 12th out of 300 companies on Forbes’ list of “World’s Top Female Friendly Companies 2021,” a ranking compiled by Forbes and market research firm Statista Inc. For the list, 85,000 women in 40 countries were surveyed and asked to rate their employers on criteria such as ...
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News briefs
Garmin presents a children’s book based on its Women of Adventure series
Source: Garmin Garmin International has introduced “Women of Adventure: Being Brave in a Big World,” a children’s book featuring six true stories of sport and passion from the brand’s Women of Adventure watch series. The book, written and illustrated by Garmin associates, is meant to encourage kids ...
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News briefsGarmin opens manufacturing facility in Wroclaw, Poland
Garmin has opened a new manufacturing and distribution facility in Wroclaw, Poland, to serve automotive and CE customers throughout Europe. The BREEAM (Building Research Establishment Environmental Assessment Method) certified facility includes nearly 30,000 square feet of state-of-the-art manufacturing and distribution space dedicated to the production and supply of infotainment systems ...
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ArticleGarmin’s outdoor and fitness sales surge
Robust demand for advanced wearables and cycling products helped Garmin post record results for the fourth quarter of 2020. The company headquartered in Schaffhausen, Switzerland, with operational headquarters in Olathe, Kansas, which also makes equipment for the aviation and automotive industries, reported that its total sales rose by 23 percent ...
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News briefs
Fitbit and Garmin win an IP round against Philips
An administrative law judge of the International Trade Commission of the U.S. issued an initial determination that clears Garmin and Fitbit of a charge that they have been infringing on patents held by Koninklijke Philips and its North American subsidiary. In December 2019, the Dutch electronics multinational had brought a ...
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News briefs
Garmin Italy with executive changes
Garmin Italy has appointed Sara Cesarotti as marketing and communication manager for the sports, outdoor, and automotive sectors. Cesarotti was hired from Google Italy, where she served as retail marketing manager. The company has also announced changes in its Marine division, where Carlo Brevini has been promoted to sales & ...
