Garmin Ltd. ( GRMN Quick Quote GRMN - Free Report) is leaving no stone unturned to bolster the aviation business on the back of its robust autonomous flight solutions. The company’s GFC 500 autopilot received aSupplemental Type Certificate (“STC”) from Federal Aviation Administration (“FAA”) for use in select Piper PA-24 Comanche aircraft. The approval is a testament to the company’s focus on strengthening the aviation portfolio. Notably, the latest certification is applicable for the models — PA-24-180, PA-24-250, PA-24-260, PA-24-260B and PA-24-260C1. Notably, GFC 500 offers robust autopilot performance, strong reliability and advanced safety benefits. Further, it features superior in-flight characteristics and self-monitoring capabilities, and comes with minimal maintenance needs. It also features altitude pre-select, VNAV2, and altitude hold, vertical speed and heading modes. Additionally, GFC 500 integrates with GI 275 or G5 electronic flight instruments seamlessly. We note that the latest certification highlights the reliability of Garmin’s aviation technology. Growing Certifications
The company’s aviation business is expected to benefit from the above-mentioned certification.
Apart from the latest certification, GFC 500 digital autopilot received STC from FAA for use in Socata TB 20 and TB 21 aircraft. Also, its GFC 600 digital autopilot received STC from FAA for use in Beechcraft King Air C90 aircraft and E90 aircraft. Further, GFC 500 Autopilot received STC from FAA for use in the Cessna 172RG and Mooney M20 (C to G models) aircraft. Further, the G1000 NXi upgrade received certification for use in the Prodigy Flight Deck-equipped Embraer Phenom 300 business jet. Aviation in Focus
We believe that the latest certification will drive the company’s top line, which has been gaining from the well-performing aviation business.
Moreover, Garmin’s aviation business unit is expected to witness growth with the increasing adoption of Autoland. This, in turn, will likely drive the segment’s revenue growth. Moreover, the company’s family of autonomous safety solutions— Garmin Autonomi, which comprises Emergency Descent Mode and Electronic Stability and Protection, and Autoland—has emerged as a key catalyst of its aviation business. Apart from this, strengthening flight display and deck offerings by Garmin remain noteworthy. Further, the company’s aviation business remains robust with its solutions remaining popular at both OEM and aftermarket customers. Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are NVIDIA Corporation ( NVDA Quick Quote NVDA - Free Report) , NXP Semiconductors N.V. ( NXPI Quick Quote NXPI - Free Report) and Texas Instruments Incorporated ( TXN Quick Quote TXN - Free Report) . All companies carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth rates of NVIDIA, NXP Semiconductors and Texas Instruments are pegged at 15.23%, 10% and 9.33%, respectively.
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