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Garmin (GRMN) Strengthens its Clientele With IBBI Partnership
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Garmin’s (GRMN - Free Report) shares have rallied 25.7% in the year-to-date period, outperforming the industry’s growth of 17.4%. The company is continuously benefiting from an expanding clientele across various end markets on the back of its robust portfolio.
Recently, Independent Boat Builders (IBBI) selected Garmin as its exclusive marine electronics and audio supplier starting in 2025.
The deal, which is an extension to the long-standing partnership between the two companies, will now provide IBBI with direct access to Garmin's portfolio of marine electronics and audio solutions, including JL Audio, Fusion and Clarion Marine.
The latest move has added strength to Garmin’s clientele in the marine market, which, in turn, is expected to drive the Marine segment’s performance in the days ahead.
Year-to-Date Performance
Image Source: Zacks Investment Research
Expanding Customer Base
Garmin expanded its customer base in the aviation market with a Federal Aviation Administration Supplemental Type Certification to upgrade Cessna Aircraft’s Citation CJ2 cockpit.
As part of the deal, Garmin’s robust avionics solutions, including G600 TXi flight displays, GTN Xi navigators and GFC 600 digital autopilot, will replace Cessna’s CJ2 legacy flight deck systems.
Garmin has also been chosen by Kawasaki Motors to provide a customized center console for the 2024 Kawasaki RIDGE Limited side x sides. Per the terms of the deal, Kawasaki will integrate Garmin's Tread navigator technology into its product for seamless navigation and vehicle system information. This partnership has added strength to Garmin’s customer base in the automotive market.
Garmin’s Portfolio Strength Drives Prospects
Garmin’s strong portfolio plays a major role in driving its customer momentum. Hence, it is making concerted efforts to strengthen its portfolio further.
The company expanded its outdoor offerings with the launch of a laser range finder, Approach Z30, to deliver an enhanced experience to golfers with its advanced ranging performance and Range Relay feature.
The company also partnered with Alphabet’s (GOOGL - Free Report) Google to bolster its smartwatch offerings.
Per the terms, Alphabet’s YouTube Music app is now available on Garmin IQ Connect smartwatches, allowing users to add playlists and podcasts to their devices.
It also expanded its marine offerings with the launch of Panoptix PS70, a live sonar system powered by Garmin RapidReturn technology, providing real-time underwater visibility at greater depths, offering a smooth, video-like view at 10 frames per second.
Garmin recently announced advancements in the FltPlan safety management system, which now comes with updated features of the Flight Risk Assessment Tool. This move has added strength to GRMN’s aviation offerings.
A strong portfolio coupled with expanding clientele is expected to continue driving Garmin’s financial performance in the upcoming period.
For 2024, Garmin expects total revenues of $5.75 billion. The Zacks Consensus Estimate for 2024 total revenues stands at $5.90 billion, indicating year-over-year growth of 12.9%.
It expects 2024 earnings at $5.40 per share. The consensus mark for 2024 earnings is pegged at $5.77 per share, indicating a 3.2% rise from the year-ago figure. The figure has been revised upward by 0.5% in the past 60 days.
Image: Bigstock
Garmin (GRMN) Strengthens its Clientele With IBBI Partnership
Garmin’s (GRMN - Free Report) shares have rallied 25.7% in the year-to-date period, outperforming the industry’s growth of 17.4%. The company is continuously benefiting from an expanding clientele across various end markets on the back of its robust portfolio.
Recently, Independent Boat Builders (IBBI) selected Garmin as its exclusive marine electronics and audio supplier starting in 2025.
The deal, which is an extension to the long-standing partnership between the two companies, will now provide IBBI with direct access to Garmin's portfolio of marine electronics and audio solutions, including JL Audio, Fusion and Clarion Marine.
The latest move has added strength to Garmin’s clientele in the marine market, which, in turn, is expected to drive the Marine segment’s performance in the days ahead.
Year-to-Date Performance
Image Source: Zacks Investment Research
Expanding Customer Base
Garmin expanded its customer base in the aviation market with a Federal Aviation Administration Supplemental Type Certification to upgrade Cessna Aircraft’s Citation CJ2 cockpit.
As part of the deal, Garmin’s robust avionics solutions, including G600 TXi flight displays, GTN Xi navigators and GFC 600 digital autopilot, will replace Cessna’s CJ2 legacy flight deck systems.
Garmin has also been chosen by Kawasaki Motors to provide a customized center console for the 2024 Kawasaki RIDGE Limited side x sides. Per the terms of the deal, Kawasaki will integrate Garmin's Tread navigator technology into its product for seamless navigation and vehicle system information. This partnership has added strength to Garmin’s customer base in the automotive market.
Garmin’s Portfolio Strength Drives Prospects
Garmin’s strong portfolio plays a major role in driving its customer momentum. Hence, it is making concerted efforts to strengthen its portfolio further.
The company expanded its outdoor offerings with the launch of a laser range finder, Approach Z30, to deliver an enhanced experience to golfers with its advanced ranging performance and Range Relay feature.
The company also partnered with Alphabet’s (GOOGL - Free Report) Google to bolster its smartwatch offerings.
Per the terms, Alphabet’s YouTube Music app is now available on Garmin IQ Connect smartwatches, allowing users to add playlists and podcasts to their devices.
It also expanded its marine offerings with the launch of Panoptix PS70, a live sonar system powered by Garmin RapidReturn technology, providing real-time underwater visibility at greater depths, offering a smooth, video-like view at 10 frames per second.
Garmin recently announced advancements in the FltPlan safety management system, which now comes with updated features of the Flight Risk Assessment Tool. This move has added strength to GRMN’s aviation offerings.
A strong portfolio coupled with expanding clientele is expected to continue driving Garmin’s financial performance in the upcoming period.
For 2024, Garmin expects total revenues of $5.75 billion. The Zacks Consensus Estimate for 2024 total revenues stands at $5.90 billion, indicating year-over-year growth of 12.9%.
It expects 2024 earnings at $5.40 per share. The consensus mark for 2024 earnings is pegged at $5.77 per share, indicating a 3.2% rise from the year-ago figure. The figure has been revised upward by 0.5% in the past 60 days.
Zacks Rank & Other Stocks to Consider
Currently, Garmin carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are Apple (AAPL - Free Report) and Badger Meter (BMI - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apple shares have gained 20.1% in the year-to-date period. The long-term earnings growth rate for AAPL is 12.48%.
Badger Meter shares have gained 27% in the year-to-date period. The long-term earnings growth rate for BMI is currently projected at 15.57%.