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Garmin (GRMN) Boosts Marine Segment With New Chartplotters
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Garmin (GRMN - Free Report) expanded its chartplotter offerings by introducing its flagship GPSMAP 9000 chartplotter series.
Notably, the GPSMAP 9000 comes in 19", 22”, 24” or 27" touchscreen displays with 4K resolution and a seven-times faster processor. Moreover, its in-plane switching displays offer superior clarity and sunlight readability while the 4K high definition enables anglers to view fish and sonar targets.
Further, the chartplotter series offers faster networking speeds for mariners, enhances multimedia streaming, video integration, HDCP distribution, and can connect to other Garmin marine systems via NMEA 2000 and 0183 networks.
Additionally, the GPSMAP 9000 series brings features like engine monitoring, OneHelm digital switching, Fusion audio, a Surround View Camera System, and a customizable homepage layout.
The new chartplotters are expected to be available from next month.
We note that the latest move has bolstered Garmin’s marine segment.
Apart from the latest launch, the company recently introduced two new magnetron dome radars — GMR 18 xHD3 and GMR 24 xHD3 — which offer features like high-definition imaging, true echo trails that aid collision threats and scan averaging that filter sea clutter and interference.
Garmin has agreed to acquire JL Audio, a privately-held U.S. company specializing in audio solutions, to provide premium audio features to marine, aftermarket automotive, powersports, home and RV customers.
Additionally, Garmin unveiled its latest ice fishing bundles, featuring the ECHOMAP UHD2 chartplotter series and the LiveScope Plus Ice House System, designed exclusively for ice anglers, ahead of the hardwater fishing season.
Also, it introduced a trolling motor called Force Kraken, which helps anglers create routes, patterns and tracks while fishing with the aid of Garmin chartplotters.
All the abovementioned initiatives are expected to strengthen the company’s footprint in the global marine electronics market.
Per a Future Market Insights report, the global marine electronics market is expected to reach $7.5 billion by 2029, by witnessing a CAGR of 5.3% over the period of 2022-2029.
Moreover, strengthening marine offerings is likely to aid the performance of the marine segment in the near term.
For second-quarter 2023, Garmin generated sales of $215.8 million from the segment, decreasing 11% on a year-over-year basis. This was attributed to promotion timing, which affected chartplotter product sales.
For third-quarter 2023, our model estimate for the marine segment’s revenues stands at $197.7 million, indicating year-over-year growth of 0.6%.
To Conclude
The latest move is in sync with the company’s growing efforts to strengthen its overall product portfolio offerings.
Recently, Garmin’s recently launched Venu 3 and Venu 3S GPS smartwatches, featuring AMOLED touchscreen displays and an extensive battery life, are designed to aid customers in achieving their every health and fitness goal.
Further, Garmin has launched GHA 15, a lightweight height advisor using radar technology, to provide height above ground level information on G3X Touch flight displays for experimental and light sport aircraft.
Also, Garmin has released new software and feature updates, including a workout app, fish forecast and weather map overlays, to name a few, for select smartwatches, including epix (Gen 2), fenix 7 series, Forerunner series, Venu series and Edge GPS cycling computers.
Strengthening the overall product portfolio will, in turn, have a positive impact on the company’s overall financial performance in the days ahead.
Garmin raised its guidance for 2023 revenues from $5 billion to $5.05 billion.
However, macro headwinds, economic uncertainties and rising inflationary pressures remain long-term concerns for the underlined segment.
Shares of GRMN have returned 15.4% in the year-to-date period, underperforming the industry’s growth of 16.4%.
Image: Bigstock
Garmin (GRMN) Boosts Marine Segment With New Chartplotters
Garmin (GRMN - Free Report) expanded its chartplotter offerings by introducing its flagship GPSMAP 9000 chartplotter series.
Notably, the GPSMAP 9000 comes in 19", 22”, 24” or 27" touchscreen displays with 4K resolution and a seven-times faster processor. Moreover, its in-plane switching displays offer superior clarity and sunlight readability while the 4K high definition enables anglers to view fish and sonar targets.
Further, the chartplotter series offers faster networking speeds for mariners, enhances multimedia streaming, video integration, HDCP distribution, and can connect to other Garmin marine systems via NMEA 2000 and 0183 networks.
Additionally, the GPSMAP 9000 series brings features like engine monitoring, OneHelm digital switching, Fusion audio, a Surround View Camera System, and a customizable homepage layout.
The new chartplotters are expected to be available from next month.
We note that the latest move has bolstered Garmin’s marine segment.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Marine Portfolio
Apart from the latest launch, the company recently introduced two new magnetron dome radars — GMR 18 xHD3 and GMR 24 xHD3 — which offer features like high-definition imaging, true echo trails that aid collision threats and scan averaging that filter sea clutter and interference.
Garmin has agreed to acquire JL Audio, a privately-held U.S. company specializing in audio solutions, to provide premium audio features to marine, aftermarket automotive, powersports, home and RV customers.
Additionally, Garmin unveiled its latest ice fishing bundles, featuring the ECHOMAP UHD2 chartplotter series and the LiveScope Plus Ice House System, designed exclusively for ice anglers, ahead of the hardwater fishing season.
Also, it introduced a trolling motor called Force Kraken, which helps anglers create routes, patterns and tracks while fishing with the aid of Garmin chartplotters.
All the abovementioned initiatives are expected to strengthen the company’s footprint in the global marine electronics market.
Per a Future Market Insights report, the global marine electronics market is expected to reach $7.5 billion by 2029, by witnessing a CAGR of 5.3% over the period of 2022-2029.
Moreover, strengthening marine offerings is likely to aid the performance of the marine segment in the near term.
For second-quarter 2023, Garmin generated sales of $215.8 million from the segment, decreasing 11% on a year-over-year basis. This was attributed to promotion timing, which affected chartplotter product sales.
For third-quarter 2023, our model estimate for the marine segment’s revenues stands at $197.7 million, indicating year-over-year growth of 0.6%.
To Conclude
The latest move is in sync with the company’s growing efforts to strengthen its overall product portfolio offerings.
Recently, Garmin’s recently launched Venu 3 and Venu 3S GPS smartwatches, featuring AMOLED touchscreen displays and an extensive battery life, are designed to aid customers in achieving their every health and fitness goal.
Further, Garmin has launched GHA 15, a lightweight height advisor using radar technology, to provide height above ground level information on G3X Touch flight displays for experimental and light sport aircraft.
Also, Garmin has released new software and feature updates, including a workout app, fish forecast and weather map overlays, to name a few, for select smartwatches, including epix (Gen 2), fenix 7 series, Forerunner series, Venu series and Edge GPS cycling computers.
Strengthening the overall product portfolio will, in turn, have a positive impact on the company’s overall financial performance in the days ahead.
Garmin raised its guidance for 2023 revenues from $5 billion to $5.05 billion.
However, macro headwinds, economic uncertainties and rising inflationary pressures remain long-term concerns for the underlined segment.
Shares of GRMN have returned 15.4% in the year-to-date period, underperforming the industry’s growth of 16.4%.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader technology sector are Asure Software (ASUR - Free Report) , Arista Networks (ANET - Free Report) and Badger Meter (BMI - Free Report) . While Asure Software sports a Zacks Rank #1 (Strong Buy), Arista Networks and Badger Meter carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Asure Software shares have gained 18.4% in the year-to-date period. ASUR’s long-term earnings growth rate is currently projected at 27%.
Arista Networks shares have gained 55% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.75%
Badger Meter shares have gained 45% in the year-to-date period. BMI’s long-term earnings growth rate is currently projected at 15.05%.