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Garmin (GRMN) Bolsters Marine Segment With New Smartwatch
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Garmin (GRMN - Free Report) recently unveiled its next-generation marine smartwatch, namely the quatix 7 Pro, in a bid to expand its flagship quatix series’ portfolio offerings.
The wearable high-performance tech device, designed for water-based activities, brings a 1.3" AMOLED display and a scratch-resistant sapphire lens for enhanced fitness and convenience.
Further, the quatix 7 Pro boasts a 16-day battery life, a built-in LED flashlight and two new apps, Trolling Motor Remote and Fish Forecast.
Additionally, the smartwatch is compatible with Garmin chartplotters, autopilots and Fusion audio systems, offering mariners easy remote-control access from their wrists.
Moreover, the device features TopoActive maps for land-based explorations, BlueChart g3 coastal charts, LakeVu g3 inland maps, and weather map overlays for easy navigation in bright sunlight.
Garmin is expected to gain solid traction across mariners, sailors and anglers on the back of its latest move.
The latest move is in sync with the company’s deepening focus to add strength to its Marine segment.
Apart from the latest launch, Garmin announced the ECHOMAP Ultra 2 chartplotter series, boasting advanced features like UHD scanning sonar, preloaded Garmin Navionics+ mapping, wireless networking and a one-year subscription for daily updates.
Further, Garmin launched the GSD 28 sonar module, designed for serious sportfishing. It features Garmin RapidReturn sonar, providing up to six times the transmit rate of its predecessor, and xCHIRP sonar technology for higher resolution and better target separation.
Additionally, Garmin’s recent acquisition of JL Audio, a privately held U.S. company specializing in audio solutions, remains noteworthy.
We believe that all the above-mentioned endeavors will likely strengthen the company’s footprint in the global marine electronics market.
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.
Solidifying prospects in the booming global marine electronics market will likely increase investor optimism in the stock.
Shares of GRMN have returned 29.1% in the year-to-date period, outperforming the industry’s growth of 18.3%.
Moreover, strengthening marine offerings is likely to aid the performance of the marine segment in the near term.
For third-quarter 2023, Garmin generated sales of $182.25 million from the segment, decreasing 7% on a year-over-year basis. This was attributed to weakness across multiple product categories and unfavorable timing of promotions.
For fourth-quarter 2023, our model estimate for the marine segment’s revenues stands at $224.9 million, indicating year-over-year growth of 6.8%.
To Conclude
The latest launch bodes well for the company’s growing efforts to strengthen its overall smartwatch offerings.
This apart, Garmin launched an all-in-one dive computer and smartwatch, namely Descent G1 Solar - Ocean Edition, designed for both underwater and topside adventures. It features a solar charging lens, providing up to 25 hours of battery life in dive mode and 124 days in smartwatch mode.
Further, Garmin expanded its ECG App1 to its epix Pro series, fenix 7 Pro series, Venu 3 series, and tactix 7 - AMOLED Edition smartwatches, allowing users to record heart rhythms and check for atrial fibrillation.
Also, Garmin announced the MARQ Carbon collection, featuring three luxury modern tool watches made from 130 layers of Fused Carbon Fiber. Each watch features an AMOLED touchscreen display, a domed sapphire lens and up to 16 days of battery life.
All the aforementioned launches are likely to solidify Garmin’s presence in the global smartwatch market.
Per a Vantage Market Research report, the global smartwatch market is expected to be valued at $130.06 billion by 2030, exhibiting a CAGR of 18.6% between 2023 and 2030.
Image: Bigstock
Garmin (GRMN) Bolsters Marine Segment With New Smartwatch
Garmin (GRMN - Free Report) recently unveiled its next-generation marine smartwatch, namely the quatix 7 Pro, in a bid to expand its flagship quatix series’ portfolio offerings.
The wearable high-performance tech device, designed for water-based activities, brings a 1.3" AMOLED display and a scratch-resistant sapphire lens for enhanced fitness and convenience.
Further, the quatix 7 Pro boasts a 16-day battery life, a built-in LED flashlight and two new apps, Trolling Motor Remote and Fish Forecast.
Additionally, the smartwatch is compatible with Garmin chartplotters, autopilots and Fusion audio systems, offering mariners easy remote-control access from their wrists.
Moreover, the device features TopoActive maps for land-based explorations, BlueChart g3 coastal charts, LakeVu g3 inland maps, and weather map overlays for easy navigation in bright sunlight.
Garmin is expected to gain solid traction across mariners, sailors and anglers on the back of its latest move.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Marine Segment
The latest move is in sync with the company’s deepening focus to add strength to its Marine segment.
Apart from the latest launch, Garmin announced the ECHOMAP Ultra 2 chartplotter series, boasting advanced features like UHD scanning sonar, preloaded Garmin Navionics+ mapping, wireless networking and a one-year subscription for daily updates.
Further, Garmin launched the GSD 28 sonar module, designed for serious sportfishing. It features Garmin RapidReturn sonar, providing up to six times the transmit rate of its predecessor, and xCHIRP sonar technology for higher resolution and better target separation.
Additionally, Garmin’s recent acquisition of JL Audio, a privately held U.S. company specializing in audio solutions, remains noteworthy.
We believe that all the above-mentioned endeavors will likely strengthen the company’s footprint in the global marine electronics market.
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.
Solidifying prospects in the booming global marine electronics market will likely increase investor optimism in the stock.
Shares of GRMN have returned 29.1% in the year-to-date period, outperforming the industry’s growth of 18.3%.
Moreover, strengthening marine offerings is likely to aid the performance of the marine segment in the near term.
For third-quarter 2023, Garmin generated sales of $182.25 million from the segment, decreasing 7% on a year-over-year basis. This was attributed to weakness across multiple product categories and unfavorable timing of promotions.
For fourth-quarter 2023, our model estimate for the marine segment’s revenues stands at $224.9 million, indicating year-over-year growth of 6.8%.
To Conclude
The latest launch bodes well for the company’s growing efforts to strengthen its overall smartwatch offerings.
This apart, Garmin launched an all-in-one dive computer and smartwatch, namely Descent G1 Solar - Ocean Edition, designed for both underwater and topside adventures. It features a solar charging lens, providing up to 25 hours of battery life in dive mode and 124 days in smartwatch mode.
Further, Garmin expanded its ECG App1 to its epix Pro series, fenix 7 Pro series, Venu 3 series, and tactix 7 - AMOLED Edition smartwatches, allowing users to record heart rhythms and check for atrial fibrillation.
Also, Garmin announced the MARQ Carbon collection, featuring three luxury modern tool watches made from 130 layers of Fused Carbon Fiber. Each watch features an AMOLED touchscreen display, a domed sapphire lens and up to 16 days of battery life.
All the aforementioned launches are likely to solidify Garmin’s presence in the global smartwatch market.
Per a Vantage Market Research report, the global smartwatch market is expected to be valued at $130.06 billion by 2030, exhibiting a CAGR of 18.6% between 2023 and 2030.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Badger Meter (BMI - Free Report) , Arista Networks (ANET - Free Report) and Salesforce (CRM - Free Report) . While Badger Meter sports a Zacks Rank #1 (Strong Buy), Arista Networks and Salesforce carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Badger Meter shares have gained 35.8% in the year-to-date period. BMI’s long-term earnings growth rate is currently projected at 20.39%.
Arista Networks shares have gained 75.8% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 19.77%
Salesforce shares have gained 67% in the year-to-date period. CRM’s long-term earnings growth rate is currently projected at 22.54%.