Back to top

Image: Bigstock

Garmin (GRMN) Buys GEOS to Boost Strength in Emergency Response

Read MoreHide Full Article

Garmin (GRMN - Free Report) has acquired the assets of GEOS Worldwide and its subsidiaries in a bid to strengthen its capabilities in SOS technology.

Texas-based GEOS is well-known for providing emergency monitoring and incident response services.

Notably, the underlined acquisition includes all the substantial assets of GEOS, including its International Emergency Response Coordination Center (“IERCC”).

The latest move of Garmin has taken its relationship with GEOS to another level. Moreover, the move bodes well for the company’s strong efforts toward enhancing its key offerings for rescue purposes from an emergency.

More Details

We note that GEOS has saved more than 12,000 lives across 198 countries. Moreover, its IERCC catered to 83,000 emergency incidents worldwide out of which over 5,000 SOS incidents were created by Garmin customers.

Hence, the latest move is expected to fortify Garmin’s strength in emergency response and safety services.

Further, it will help the company in delivering peace of mind to its adventure-loving customers. Therefore, the latest acquisition will make Garmin’s technology as well as services more reliable.

This is likely to drive the company’s momentum among active lifestyle customers. Additionally, it is anticipated to bolster the adoption rate of Garmin’s inReach devices.

Moreover, the latest move adds strength to its commitment toward providing safety, security and protection to the customers from any emergency during their adventure.

Garmin Ltd. Price and Consensus


Garmin Ltd. Price and Consensus

Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote

Bottom Line

Worldwide provider of navigation, communications and information devices, Garmin has been making efforts to increase its share in all the markets served by it, backed by new products and upgrades to the existing ones.

The latest acquisition will likely help the company to strengthenits Outdoor segment, which focuses on developing technologies and innovations to enhance users’ outdoor experiences. Further, the segment offers products, which include handhelds, wearables, golfing devices, dog tracking/training devices, and action cameras.

We believe that the growing Outdoor segment remains a major positive for Garmin’s topline. In third-quarter 2020, the Outdoor segment generated sales of $334.84 million, accounting for 30.2% of the company’s total sales.

Zacks Rank & Other Stocks to Consider

Garmin currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the broader computer and technology sector are KLA Corporation (KLAC - Free Report) , TE Connectivity Ltd. (TEL - Free Report) and Vishay Intertechnology, Inc. (VSH - Free Report) . All the three companies carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Long-term earnings growth rates for KLA, TE Connectivity and Vishay are pegged at 11.56%, 10.41% and 2.58% respectively.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.

See 8 breakthrough stocks now>>