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Garmin's (GRMN) Latest Agreement to Boost Aviation Segment
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Garmin (GRMN - Free Report) is leaving no stone unturned to expand the customer base on the back of a robust aviation portfolio.
The company recently signed a multi-year agreement with Heart Aerospace, wherein the latter chose the Garmin G3000 integrated flight deck for the ES-19 electric airliner. This validates the abovementioned fact.
Garmin G3000 integrated flight deck offers advanced navigation, communication and flight sensor solutions with the help of high-resolution flight displays.
Additionally, it is equipped with advanced features for optimizing the aircraft’s electric drive train and battery management systems.
Further, Garmin is working alongside United Airlines, which has signed a definite agreement to buy 100 ES-19 aircraft.
The latest agreement with Heart Aerospace highlights the reliability and efficiency of Garmin’s aviation portfolio.
Apart from the recent move, GRMN also signed an agreement with Deutsche Aircraft, which has chosen the Garmin G5000 integrated flight deck for the D328 eco regional turboprop aircraft.
Further, Garmin 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.
In addition, Garmin expanded the portfolio of aircraft for flight test development of the GFC 500 autopilot with the addition of the first light twin aircraft named the PA-30/39 Twin Comanche.
To Conclude
We believe the abovementioned efforts will continue to aid the company in strengthening its presence in the aviation end market.
Further, expanding product portfolio will help Garmin in winning more customers and achieving certifications in the near term.
Recently, the company’s GFC 600 digital autopilot received Supplemental Type Certification (STC) from the Federal Aviation Administration (”FAA”) for use in Cessna P210N aircraft.
Additionally, Garmin received STC from FAA for GFC 600 autopilot in the Piper Meridian aircraft. It also received Smart Rudder Bias certification for GFC 600-equipped Cessna 414A aircraft.
All these advancements are expected to contribute well to GRMN’s aviation revenues. The aviation segment generated $180.2 million in sales, accounting for 15.1% of third-quarter 2021 total net sales. The metric also increased 19% on a year-over-year basis.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Investors interested in the broader technology sector can consider some better-ranked stocks like Advanced Micro Devices (AMD - Free Report) , Mimecast Limited and Arrow Electronics (ARW - Free Report) . While Arrow currently sports a Zacks Rank #1 (Strong Buy), Advanced Micro Devices and Mimecast carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Advanced Micro Devices has gained 51.1% on a year-to-date basis. The long-term earnings growth rate for AMD is currently projected at 46.2%.
Mimecast has gained 39.4% on a year-to-date basis. The long-term earnings growth rate for MIME is currently projected at 35%.
Arrow Electronics has gained 30% on a year-to-date basis. The long-term earnings growth rate for ARW is currently projected at 27.4%.
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Garmin's (GRMN) Latest Agreement to Boost Aviation Segment
Garmin (GRMN - Free Report) is leaving no stone unturned to expand the customer base on the back of a robust aviation portfolio.
The company recently signed a multi-year agreement with Heart Aerospace, wherein the latter chose the Garmin G3000 integrated flight deck for the ES-19 electric airliner. This validates the abovementioned fact.
Garmin G3000 integrated flight deck offers advanced navigation, communication and flight sensor solutions with the help of high-resolution flight displays.
Additionally, it is equipped with advanced features for optimizing the aircraft’s electric drive train and battery management systems.
Further, Garmin is working alongside United Airlines, which has signed a definite agreement to buy 100 ES-19 aircraft.
Garmin Ltd. Price
Garmin Ltd. price | Garmin Ltd. Quote
Aviation Segment in Focus
The latest agreement with Heart Aerospace highlights the reliability and efficiency of Garmin’s aviation portfolio.
Apart from the recent move, GRMN also signed an agreement with Deutsche Aircraft, which has chosen the Garmin G5000 integrated flight deck for the D328 eco regional turboprop aircraft.
Further, Garmin 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.
In addition, Garmin expanded the portfolio of aircraft for flight test development of the GFC 500 autopilot with the addition of the first light twin aircraft named the PA-30/39 Twin Comanche.
To Conclude
We believe the abovementioned efforts will continue to aid the company in strengthening its presence in the aviation end market.
Further, expanding product portfolio will help Garmin in winning more customers and achieving certifications in the near term.
Recently, the company’s GFC 600 digital autopilot received Supplemental Type Certification (STC) from the Federal Aviation Administration (”FAA”) for use in Cessna P210N aircraft.
Additionally, Garmin received STC from FAA for GFC 600 autopilot in the Piper Meridian aircraft. It also received Smart Rudder Bias certification for GFC 600-equipped Cessna 414A aircraft.
All these advancements are expected to contribute well to GRMN’s aviation revenues. The aviation segment generated $180.2 million in sales, accounting for 15.1% of third-quarter 2021 total net sales. The metric also increased 19% on a year-over-year basis.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Investors interested in the broader technology sector can consider some better-ranked stocks like Advanced Micro Devices (AMD - Free Report) , Mimecast Limited and Arrow Electronics (ARW - Free Report) . While Arrow currently sports a Zacks Rank #1 (Strong Buy), Advanced Micro Devices and Mimecast carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Advanced Micro Devices has gained 51.1% on a year-to-date basis. The long-term earnings growth rate for AMD is currently projected at 46.2%.
Mimecast has gained 39.4% on a year-to-date basis. The long-term earnings growth rate for MIME is currently projected at 35%.
Arrow Electronics has gained 30% on a year-to-date basis. The long-term earnings growth rate for ARW is currently projected at 27.4%.