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Garmin (GRMN) Boosts Marine Segment With Surround View Camera

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Garmin (GRMN - Free Report) has unveiled a six-camera system in a bid to expand the marine product portfolio.

The Garmin Surround View Camera System consists of six 1080p cameras that give captains a 360-degree bird’s eye view of their vessel’s perimeter on Garmin chartplotters or multi-function helm displays.

It provides various features including Visual Bumper and Distance Makers for more awareness around the area to avoid collision.

With the help of Surround View, captains can reduce the troubles they face in docking and navigating marinas, narrow causeways as well as busy channels.

The new device is expected to expand the company’s reach to boat captains, which in turn will expand the customer base.

Marine Segment in Focus

Garmin is making strong efforts to boost prospects of the marine segment by providing advanced solutions to anglers, sailors, mariners and boat enthusiasts. The recent launch is an effort in this direction.

Apart from the latest move, the company introduced a chartplotter and transducer bundle with Panoptix LiveScope sonar named LiveScope Ice Fishing Bundle LI for hardwater fishing.

In addition, it launched the MS-RA60 marine stereo that provides high-quality onboard entertainment to boaters at an affordable price.

Also, the company introduced the MSC 10 marine satellite compass with multi-band global navigation satellite system that provides reliable, accurate GPS-derived heading and position information on water.

Further, the company announced support for Mercury Marine VesselView engine data across ECHOMAP Ultra, ECHOMAP UHD and GPSMAP series multi-function displays. The VesselView provides important Mercury engine information to boaters.

All these endeavors are expected to contribute well to the marine segment’s revenues.

The segment generated $261.8 million sales, accounting for 19.7% of second-quarter 2021 total net sales.

Garmin Ltd. Revenue (TTM)

Garmin Ltd. Revenue (TTM)

Garmin Ltd. revenue-ttm | Garmin Ltd. Quote

Expanding Product Portfolio

The launch of Surround View Camera System has also expanded Garmin’s overall product portfolio.

The company recently introduced a portable golf launch monitor named Approach R10, in a bid to expand its reach to golfers.

In addition, he company unveiled an all-new 2021 dash cam series with voice controlling features, automatic video storage and Live View monitoring options for drivers to record any incident occurring in front of the vehicle.

Garmin also introduced TXi- engine indication system support for twin turboprop aircraft like Cessna 425, the King Air 90 series, and select Pratt & Whitney PT6A turboprop-powered Piper Cheyenne I and II.

Further, the company launched a free software update to enhance navigation capabilities of Edge 530, Edge 830, Edge 1030 and Edge 1030 Plus GPS cycling computers for providing better experience to cyclists.

We believe that these endeavors are expected to drive Garmin’s top line in various end-markets served.

Zacks Rank & Other Stocks to Consider

Currently, Garmin carries a Zacks Rank #2 (Buy).

Some similar-ranked stocks in the broader technology sector include Advanced Micro Devices (AMD - Free Report) , Nikon (NINOY - Free Report) and ON Semiconductor (ON - Free Report) . While Advanced Micro devices holds a Zacks Rank #2, Nikon and ON Semiconductor carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term earnings growth rates for Advanced Micro Devices, Nikon and ON Semiconductor are currently projected at 44.6%, 51.6% and 53.9%, respectively.