OLATHE, Kan. - Garmin International, Inc. (NYSE: GRMN) announced today the launch of its new zūmo R1 Radar, a dedicated radar system for motorcycles aimed at increasing rider safety through improved situational awareness. The device, designed to be discreet yet robust, offers rearview and blind spot monitoring to alert riders of approaching vehicles.
The zūmo R1 Radar system includes two side-facing amber lights for increased visibility and an optional rear-facing red light. Additionally, handlebar-mounted indicator lights inform the rider of vehicles approaching from behind. According to Garmin Vice President of Global Consumer Sales, Dan Bartel, the system is intended to bolster confidence in riders by enhancing their awareness of surrounding traffic and improving their visibility to other drivers.
The radar system pairs with the zūmo Radar mobile app or the separately sold zūmo XT2 motorcycle navigator for an integrated experience. It provides audio alerts for approaching vehicles when connected to a compatible helmet or headset and allows riders to customize light and alert settings through the app.
Constructed with durability in mind, the zūmo R1 Radar features black powder-coated hardware with an IP67 rating for dust and water resistance, ensuring performance in various environments. It mounts above or below the motorcycle's license plate and requires hard-wiring into the motorcycle's electrical system for power, eliminating the need for batteries or charging.
The Garmin zūmo R1 Radar is available for purchase at a suggested retail price of $599.99 and will be showcased at CES 2025. Garmin, a company known for its GPS technology and outdoor devices, emphasizes its commitment to enhancing experiences and providing peace of mind for its customers.
This announcement is based on a press release statement by Garmin International, Inc. It should be noted that while Garmin is optimistic about the zūmo R1 Radar's benefits, riders should maintain awareness of their surroundings and understand that adverse weather conditions may affect the device's operation. The forward-looking statements in the release are based on current expectations and are subject to changes based on various risk factors.
In other recent news, Garmin Ltd (NYSE:GRMN). has demonstrated impressive financial performance with record-breaking third-quarter results for 2024. The company reported a 24% increase in consolidated revenue, reaching a record $1.59 billion. This strong performance has led to a gross margin expansion to 60% and a 62% year-over-year increase in operating income.
Tigress Financial Partners, BofA Securities, and JPMorgan (NYSE:JPM) have all provided updated analyses of Garmin's stock. Tigress Financial Partners increased its price target to $265 for Garmin, maintaining a strong buy rating. In contrast, BofA Securities maintained its underperform rating on Garmin's stock, despite acknowledging the company's recent performance and updated earnings projections. JPMorgan raised its price target for Garmin from $178 to $212, while maintaining a neutral rating on the stock.
Garmin's strong performance is attributed to growth across all business segments, including a significant 53% increase in automotive original equipment manufacturer (OEM) revenue. The company's fitness and outdoor segments also exhibited robust growth, with fitness segment revenues surging by 31% to $463.89 million and outdoor segment revenue increasing by 21% to $526.55 million.
The company's acquisition of Lumishore, a leading marine LED lighting manufacturer, is expected to enhance its product offerings and integration capabilities. Garmin also continues to expand its satellite-connected device offerings, including the recent launch of the InReach Messenger Plus. These developments are recent and reflect the company's strong financial performance.
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