Garmin ( GRMN Quick Quote GRMN - Free Report) released the Signature Series 3i marine speakers under its brand Fusion Entertainment.
The speakers feature water-resistant connectors, which provide protection in the marine environment. The connectors also simplify the installation procedure.
The speakers offer high-quality audio over the engine noise. Moreover, these are equipped with CURV cone technology, enabling greater sound definition and higher power output.
The latest marine speakers are compatible with a Fusion DSP-enabled stereo, including Apollo MS-RA770 and Fusion’s Apollo Series marine amplifiers.
With the Signature Series 3i marine speakers, Garmin aims to provide an enhanced audio experience to the boaters.
This is expected to boost the adoption rate of Signature 3i speakers among people interested in water activities, which in turn, is likely to contribute to top-line growth in the days ahead.
Move to Boost Prospects
The launch of the Signature Series 3i marine speakers is likely to help Garmin expand its footprint in the booming marine audio system market.
The underlined market is witnessing a significant rise worldwide owing to growing demand for recreational boating activities.
Rise in recreational boating is prompting manufacturers to produce higher-quality audio systems with water-resistant and ultraviolet-resistant features. This is creating growth in the marine audio system market.
Per a Business Research Insights
report, the said market is expected to hit $1.77 billion by 2027, witnessing a CAGR of 11.4% between 2022 and 2027. Expanding Marine Offerings
The introduction of the Signature Series 3i marine speakers bodes well with Garmin’s growing efforts toward expanding its portfolio of marine offerings.
Last month, Garmin unveiled the ECHOMAP UHD2 chartplotter series with high-contrast scanning sonar power, mapping and fish-finding features to help anglers in effective fishing.
In Feb 2022, GRMN unveiled the LiveScope Plus System, providing sharper resolution, reduced noise and clearest images for recreational fishing.
Garmin released Garmin Navionics+ and Garmin Navionics Vision+ in January 2022 to provide an enhanced navigation experience to mariners, boaters and anglers.
The increasing number of marine solutions will continue to contribute well to the marine sales of the company.
The marine segment generated sales of $254.1 million, accounting for 21.7% of total first-quarter 2022 revenues. Also, revenues were up 21% from the prior-year quarter’s reading.
Moreover, Garmin’s growing initiatives to strengthen its marine segment, which has become an integral part of its overall business, are likely to aid it in winning investors’ confidence in the near term.
Shares of GRMN have been down 27.4% in the year-to-date period, outperforming the
Computer and Technology sector’s decline of 30.3%. Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold). Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like
Avnet ( AVT Quick Quote AVT - Free Report) , Aspen Technology ( AZPN Quick Quote AZPN - Free Report) and Amdocs ( DOX Quick Quote DOX - Free Report) . While Avnet and Aspen technology sport a Zacks Rank #1 (Strong Buy), Amdocs carries a Zacks Rank #2 (Buy) at present. You can see . the complete list of today’s Zacks #1 Rank stocks here
Avnet has gained 8.9% in the year-to-date period. The long-term earnings growth rate for AVT is currently projected at 37.2%.
Aspen technology has returned 21.7% in the year-to-date period. The long-term earnings growth rate for AZPN is currently projected at 18.4%.
Amdocs has gained 5.6% in the year-to-date period. The long-term earnings growth rate for DOX is currently projected at 10%.