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Garmin (GRMN) Expands Marine Portfolio With Force Kraken
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Garmin’s (GRMN - Free Report) shares have rallied 26.8% in the year-to-date period, outperforming the industry’s growth of 17.3%. It is riding on its portfolio strength. Garmin has been making strong efforts to expand its portfolio on the back of its marine-centric products.
It recently expanded the Force Kraken trolling motor series by adding another shaft length option. The motor series is now available with a 48-inch shaft length.
The new length will help in accommodating smaller boat sizes, including pontoons, flats boats and microskiffs.
Force Kraken, with its brushless motor, is capable of providing 100 pounds of thrust on a 36-volt system or 80 pounds on a 24-volt system.
It features Garmin's advanced boat positioning technology and leverages multi-band GPS signal reception, and an attitude and heading reference system.
It also helps anglers create routes, patterns and tracks while fishing with the aid of Garmin chartplotters.
The company is expected to gain solid momentum among fishing enthusiasts on the back of its latest move.
Expanding Marine Offerings Aid Prospects
Per a Skyquest report, the global marine electronics market is expected to reach $8.13 billion by 2030, witnessing a CAGR of 5.2% between 2023 and 2030. Garmin is well-poised to capitalize on this solid growth opportunity on the back of its expanding marine offerings.
In addition to the expanding Force Kraken series, the company recently introduced the Panoptix PS22-IF Ice Fishing Bundle, a live sonar solution for hardwater anglers.
It expanded its GPSMAP x3 family with the introduction of GPSMAP 16x3 chartplotters. These chartplotters boast a high-resolution 16-inch touchscreen display with built-in navigation and sonar support, offering superior clarity and sunlight readability, even with polarized sunglasses.
The introduction of the GPSMAP 9000 chartplotter series to expand its chartplotter offerings is noteworthy.
Garmin launched its next-generation marine smartwatch, namely the quatix 7 Pro, which is designed for water-based activities, and is compatible with Garmin chartplotters, autopilots and Fusion audio systems.
Marine Strength Drives Growth
Garmin’s expanding marine offerings are expected to drive its marine revenues in the days ahead.
The Zacks Consensus Estimate for marine revenues is pegged at $1.04 billion, indicating year-over-year growth of 13.3%.
The strengthening marine segment will also contribute generously to the overall financial performance of the company.
For 2024, Garmin expects total revenues of $5.75 billion. The Zacks Consensus Estimate for 2024 total revenues stands at $5.9 billion, indicating year-over-year growth of 12.9%.
GRMN expects earnings of $5.40 per share for 2024. The consensus mark for 2024 earnings is pegged at $5.77 per share, indicating a 3.2% rise from the year-ago actual. The estimate 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 (Strong Buy).
Analog Devices’ shares have gained 18.7% in the year-to-date period. The long-term earnings growth rate for ADI is 9.50%.
Jack Henry & Associates’ shares have gained 1% in the year-to-date period. The long-term earnings growth rate for JKHY is currently projected at 7.46%.
Badger Meter shares have gained 27% in the year-to-date period. The long-term earnings growth rate for BMI is projected at 16.73%.
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Garmin (GRMN) Expands Marine Portfolio With Force Kraken
Garmin’s (GRMN - Free Report) shares have rallied 26.8% in the year-to-date period, outperforming the industry’s growth of 17.3%. It is riding on its portfolio strength. Garmin has been making strong efforts to expand its portfolio on the back of its marine-centric products.
It recently expanded the Force Kraken trolling motor series by adding another shaft length option. The motor series is now available with a 48-inch shaft length.
The new length will help in accommodating smaller boat sizes, including pontoons, flats boats and microskiffs.
Force Kraken, with its brushless motor, is capable of providing 100 pounds of thrust on a 36-volt system or 80 pounds on a 24-volt system.
It features Garmin's advanced boat positioning technology and leverages multi-band GPS signal reception, and an attitude and heading reference system.
It also helps anglers create routes, patterns and tracks while fishing with the aid of Garmin chartplotters.
The company is expected to gain solid momentum among fishing enthusiasts on the back of its latest move.
Expanding Marine Offerings Aid Prospects
Per a Skyquest report, the global marine electronics market is expected to reach $8.13 billion by 2030, witnessing a CAGR of 5.2% between 2023 and 2030. Garmin is well-poised to capitalize on this solid growth opportunity on the back of its expanding marine offerings.
In addition to the expanding Force Kraken series, the company recently introduced the Panoptix PS22-IF Ice Fishing Bundle, a live sonar solution for hardwater anglers.
It expanded its GPSMAP x3 family with the introduction of GPSMAP 16x3 chartplotters. These chartplotters boast a high-resolution 16-inch touchscreen display with built-in navigation and sonar support, offering superior clarity and sunlight readability, even with polarized sunglasses.
The introduction of the GPSMAP 9000 chartplotter series to expand its chartplotter offerings is noteworthy.
Garmin launched its next-generation marine smartwatch, namely the quatix 7 Pro, which is designed for water-based activities, and is compatible with Garmin chartplotters, autopilots and Fusion audio systems.
Marine Strength Drives Growth
Garmin’s expanding marine offerings are expected to drive its marine revenues in the days ahead.
The Zacks Consensus Estimate for marine revenues is pegged at $1.04 billion, indicating year-over-year growth of 13.3%.
The strengthening marine segment will also contribute generously to the overall financial performance of the company.
For 2024, Garmin expects total revenues of $5.75 billion. The Zacks Consensus Estimate for 2024 total revenues stands at $5.9 billion, indicating year-over-year growth of 12.9%.
GRMN expects earnings of $5.40 per share for 2024. The consensus mark for 2024 earnings is pegged at $5.77 per share, indicating a 3.2% rise from the year-ago actual. The estimate 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 (Strong Buy).
Some other top-ranked stocks in the broader technology sector are Analog Devices (ADI - Free Report) , Jack Henry & Associates (JKHY - Free Report) and Badger Meter (BMI - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Analog Devices’ shares have gained 18.7% in the year-to-date period. The long-term earnings growth rate for ADI is 9.50%.
Jack Henry & Associates’ shares have gained 1% in the year-to-date period. The long-term earnings growth rate for JKHY is currently projected at 7.46%.
Badger Meter shares have gained 27% in the year-to-date period. The long-term earnings growth rate for BMI is projected at 16.73%.