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$GRMN has announced payment date for the third installment of the dividend approved at the shareholders meeting. The dividend, $0.51 per share, will be paid on December 29, 2017, to shareholders of record on December 15, 2017. The fourth instalment will be paid on March 30, 2018 to shareholders of record on March 15, 2018.
$GRMN now anticipates revenue of approx $3.07Bil in FY17, driven primarily by higher expectations for outdoor, aviation and auto segments. Non-GAAP EPS for this period is projected to be approx $2.90 based on gross margin of about 57.5%.
$GRMN, a provider of GPS technology, reported 3% improvement in net revenue to $743MM in 3Q17, backed by a 31% sales growth in Outdoor unit. Net income rose to $147.4MM, or $0.78 per share, compared to $125MM, or $0.66 per share in the year-over period. Adjusted for non-recurring gains, net income was $0.75 per share.
Garmin International Inc., a unit of $GRMN, said a jury verdict was reached in a patent lawsuit brought by Navico against Garmin in the Eastern District of Texas. The jury found that Garmin had willfully infringed two Navico "downscan" patents and awarded damages of $38MM.
Payments network provider $MA is adding its contactless payment to Garmin's vivoactive3 smartwatch. $GRMN unveiled vivoactive3 today at IFA show. Users can enter/scan their card details using $GRMN's Connect app. One can pay by tapping the device near a contactless terminal at more than 6.6MM locations globally.
$GRMN's units Garmin International launched its newest fitness-tracking smartwatch Vivoactive 3. This smartwatch comes with a built-in GPS and sensors for monitoring heart rate. The watch also has 15 built-in sports apps. Garmin Pay, is the new payment feature on Vicoactive 3 that works on contactless payment technology.
The action camera maker $GPRO, that is facing increased competition from $GRMN lately, saw its camera shipments for 2Q17 surge 40% YoY. The company also reported that its HERO6 and Fusion cameras are on track for 2017. Additionally, Karma drone was the second largest selling drone brand in the U.S. in the quarter.
$GRMN acquired privately-held Alphamantis Technologies, a designer of aerodynamics testing and measurement technology for the cycling industry. The majority of associates will be retained and will continue working in Montreal, Canada. Financial terms of the acquisition will not be released.
$GRMN said the G5 electronic flight instrument will soon be compatible with a wide range of third-party autopilots available on the market. Utilizing the new GAD 29B adapter, the G5 directional gyro (DG)/horizontal situation indicator (HSI) can interface with a variety of autopilots to provide heading and course error to drive the autopilot.
$GRMN announced updates to the Specialized Turbo Levo data field, available for eBike riders in the Connect IQ store, an open platform for third-party developers to create apps for $GRMN products. The updated data field helps cyclists view their power output setting and battery level on their eBike directly from the Garmin wearable on their wrist.
Garmin International Inc., a unit of $GRMN, prevailed in Navico patent dispute. The Federal Circuit’s decision not only reverses the ITC's original orders, but supersedes all related rulings by U.S. Customs and the ITC. Garmin is now free to import and sell any and all sonar products.
Garmin International Inc., a unit of $GRMN, said the Court of Appeals for the Federal Circuit reversed a December 2015 finding by the International Trade Commission that Garmin had infringed Navico patents related to downscan sonar. Navico's two patents were ruled invalid and Garmin’s DownVu sonar does not infringe a third Navico patent.
$GRMN acquired Active Corp., a developer of crowd sourced rich content for boaters, marketed as ActiveCaptain, which is an electronic marine database, for undisclosed terms. The founders and sole employees of ActiveCaptain, Karen and Jeffrey Siegel, will become employees of Garmin International.