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Garmin (GRMN) Enhances Navionics Platinum+ With Relief Shading
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Garmin (GRMN - Free Report) is leaving no stone unturned to bolster its marine product portfolio.
The latest advancement in its premium marine charts, Navionics Platinum+, testifies to the aforementioned fact.
The company expanded high-resolution relief shading coverage to Navionics Platinum+ to deliver an enhanced experience to chartplotters.
Relief shading informs the users about the shape of a lake, river and ocean sea beds and presents it in a vibrant new color palette. Thus, users can be aware of depth changes and also detect sharp ledges, points or other changes in bottom structures with relief shading images.
With the underlined update, Navionics Platinum+ offers 120% more relief shading coverage for many new coastal and inland waters than previous charts.
Garmin has made relief shading accessible through Navionics Platinum+ across the lakes and rivers in the United States, Canada, Europe, Africa, Australia and New Zealand.
We note that Garmin is likely to gain solid momentum among boaters, anglers and divers on the back of the latest move.
The latest move bodes well for the company’s growing efforts toward expanding its marine segment.
Apart from Garmin’s Navionics Platinum+ enhancement, the company enhanced its premium marine mapping solution — Navionics Vision+ with improved high-resolution relief shading coverage.
Further, the company announced the availability of the Apollo WB675 Marine Hideaway Stereo, an update to the Fusion-branded Apollo Series.
Additionally, the company rolled out upgrades to Fusion Entertainment’s EL Series 6.5-inch Marine Speakers, which are designed to provide high-quality audio experience at an entry-level price.
Bottom-Line
We believe that Garmin’s deepening focus on expanding marine offerings will likely aid its presence in the marine electronics market.
Per a report from Future market insights, the global marine electronics market is expected to reach $7.5 billion by 2029, witnessing an expanded CAGR of 5.3% from 2022 to 2029.
We believe Garmin’s growing prospects in the promising marine market will likely help it win investors’ confidence in the days ahead.
GRMN has gained 12.5% in the year-to-date period compared with the industry’s rise of 5.7%.
Moreover, strengthening the marine portfolio will likely continue to boost the performance of the marine segment in the days ahead, which will contribute to the company’s overall performance.
In the first quarter of 2023, the segment generated revenues of $278.9 million (24% of total revenues), up 10% year over year.
For 2023, Garmin expects revenues of $5 billion. The Zacks Consensus Estimate for the same is pegged at $5.07 billion, reflecting growth of 4.3% from 2022.
Investors interested in the broader Zacks Computer & Technology sector can consider some other top-ranked stocks like Ciena (CIEN - Free Report) , DigitalOcean (DOCN - Free Report) and AMETEK (AME - Free Report) , which carry the same rank as that of GRMN.
Ciena shares have lost 14.9% in the year-to-date time frame. The Zacks Consensus Estimate for CIEN’s fiscal year 2023 earnings is pegged at $2.81 per share, suggesting an increase of 47.9% from the prior year’s reported figure.
DigitalOcean shares have risen 27% in the year-to-date period. The Zacks Consensus Estimate for DOCN’s 2023 earnings is pegged at $1.68 per share, suggesting a jump from 94 cents per share reported in the prior year.
AMETEK shares have rallied 3.4% year to date. The Zacks Consensus Estimate for AME’s 2023 earnings is pegged at $6.11 per share, suggesting an increase of 7.57% from the prior year’s reported figure.
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Garmin (GRMN) Enhances Navionics Platinum+ With Relief Shading
Garmin (GRMN - Free Report) is leaving no stone unturned to bolster its marine product portfolio.
The latest advancement in its premium marine charts, Navionics Platinum+, testifies to the aforementioned fact.
The company expanded high-resolution relief shading coverage to Navionics Platinum+ to deliver an enhanced experience to chartplotters.
Relief shading informs the users about the shape of a lake, river and ocean sea beds and presents it in a vibrant new color palette. Thus, users can be aware of depth changes and also detect sharp ledges, points or other changes in bottom structures with relief shading images.
With the underlined update, Navionics Platinum+ offers 120% more relief shading coverage for many new coastal and inland waters than previous charts.
Garmin has made relief shading accessible through Navionics Platinum+ across the lakes and rivers in the United States, Canada, Europe, Africa, Australia and New Zealand.
We note that Garmin is likely to gain solid momentum among boaters, anglers and divers on the back of the latest move.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Marine Segment
The latest move bodes well for the company’s growing efforts toward expanding its marine segment.
Apart from Garmin’s Navionics Platinum+ enhancement, the company enhanced its premium marine mapping solution — Navionics Vision+ with improved high-resolution relief shading coverage.
Further, the company announced the availability of the Apollo WB675 Marine Hideaway Stereo, an update to the Fusion-branded Apollo Series.
Additionally, the company rolled out upgrades to Fusion Entertainment’s EL Series 6.5-inch Marine Speakers, which are designed to provide high-quality audio experience at an entry-level price.
Bottom-Line
We believe that Garmin’s deepening focus on expanding marine offerings will likely aid its presence in the marine electronics market.
Per a report from Future market insights, the global marine electronics market is expected to reach $7.5 billion by 2029, witnessing an expanded CAGR of 5.3% from 2022 to 2029.
We believe Garmin’s growing prospects in the promising marine market will likely help it win investors’ confidence in the days ahead.
GRMN has gained 12.5% in the year-to-date period compared with the industry’s rise of 5.7%.
Moreover, strengthening the marine portfolio will likely continue to boost the performance of the marine segment in the days ahead, which will contribute to the company’s overall performance.
In the first quarter of 2023, the segment generated revenues of $278.9 million (24% of total revenues), up 10% year over year.
For 2023, Garmin expects revenues of $5 billion. The Zacks Consensus Estimate for the same is pegged at $5.07 billion, reflecting growth of 4.3% from 2022.
Zacks Rank and Other Stocks to Consider
Currently, Garmin carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Investors interested in the broader Zacks Computer & Technology sector can consider some other top-ranked stocks like Ciena (CIEN - Free Report) , DigitalOcean (DOCN - Free Report) and AMETEK (AME - Free Report) , which carry the same rank as that of GRMN.
Ciena shares have lost 14.9% in the year-to-date time frame. The Zacks Consensus Estimate for CIEN’s fiscal year 2023 earnings is pegged at $2.81 per share, suggesting an increase of 47.9% from the prior year’s reported figure.
DigitalOcean shares have risen 27% in the year-to-date period. The Zacks Consensus Estimate for DOCN’s 2023 earnings is pegged at $1.68 per share, suggesting a jump from 94 cents per share reported in the prior year.
AMETEK shares have rallied 3.4% year to date. The Zacks Consensus Estimate for AME’s 2023 earnings is pegged at $6.11 per share, suggesting an increase of 7.57% from the prior year’s reported figure.