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Garmin (GRMN) Expands Customer Base With Arctic Cat Selection
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Garmin’s (GRMN - Free Report) customer base expands with the selection of its Tread navigators by Textron’s (TXT - Free Report) Arctic Cat.
Arctic Cat picked Garmin’s Tread navigators to outfit the new Wildcat XX Black Hills Edition side-by-side vehicles. This shows the robustness of GRMN’s Tread navigators.
Garmin’s Tread navigators feature a customized 5.5-inch ultrabright display with trail mapping and GPS capabilities. Moreover, the navigators are paired with an extended range antenna that enhances communication performance.
The above-mentioned features make the navigators well suited for Arctic Cat’s new Wildcat Edition for technical trail riding, difficult climbs and rock crawling.
The selection of Garmin’s Tread navigators by Arctic Cat expanded the client base of the former. The impact of this selection is expected to get reflected in GRMN’s automotive segment revenues in the upcoming period.
Garmin is consistently bringing innovative technology-enabled automotive solutions to gain momentum among customers.
Apart from Tread navigators, GRMN introduced a number of automotive offerings in recent months.
Last month, Garmin introduced the dezlCam OTR710, featuring a high-definition dash cam to provide a safe-driving experience to drivers.
In June, Garmin launched the dezl OTR series of trucking navigators featuring arrival planning with automatic birds-eye satellite imagery for high-resolution aerial views during truck entries at the security gates and while loading at dock destinations.
GRMN also unveiled the dezl Headset series featuring high-quality audio, active noise cancellation and a battery life of up to 50 hours to provide a better travel experience to drivers on the road.
Efforts to Strengthen Prospects
The selection of Garmin’s robust Tread navigators by Arctic Cat highlights the reliability of its navigators. Strengthening navigator offerings and an expanding customer base are likely to continue helping GRMN boost its presence in the booming automotive navigation systems market.
The market is witnessing significant growth owing to the increasing adoption of car GPS navigation system, rising demand for accurate navigation products and growing investments in automotive infrastructure.
Per a Market Research Future report, the underlined market is expected to be worth $43 billion by 2027, seeing a CAGR of 7% between 2021 and 2027.
A strong position in the navigation systems market is further helping Garmin remain well-poised to capitalize on the prospects present in the growing automotive industry.
However, GRMN is witnessing weak momentum across the auto OEM programs and consumer auto products. This affected its automotive segment in second-quarter 2022.
The underlined segment generated sales of $139.3 million, accounting for 11.2% of total second-quarter 2022 revenues. Also, revenues were down 6% from the prior-year quarter’s reading.
Shares of GRMN have been down 31.1% in the year-to-date period, lagging the Computer and Technology sector’s decline of 24.7%.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #4 (Sell).
Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Arista Networks (ANET - Free Report) and ASE Technology (ASX - Free Report) . While Arista Networks sports a Zacks Rank #1 (Strong Buy), ASE Technology carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks has lost 11.7% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.9%.
ASE Technology has lost 24.2% in the year-to-date period. The long-term earnings growth rate for ASX is currently projected at 23.1%.
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Garmin (GRMN) Expands Customer Base With Arctic Cat Selection
Garmin’s (GRMN - Free Report) customer base expands with the selection of its Tread navigators by Textron’s (TXT - Free Report) Arctic Cat.
Arctic Cat picked Garmin’s Tread navigators to outfit the new Wildcat XX Black Hills Edition side-by-side vehicles. This shows the robustness of GRMN’s Tread navigators.
Garmin’s Tread navigators feature a customized 5.5-inch ultrabright display with trail mapping and GPS capabilities. Moreover, the navigators are paired with an extended range antenna that enhances communication performance.
The above-mentioned features make the navigators well suited for Arctic Cat’s new Wildcat Edition for technical trail riding, difficult climbs and rock crawling.
The selection of Garmin’s Tread navigators by Arctic Cat expanded the client base of the former. The impact of this selection is expected to get reflected in GRMN’s automotive segment revenues in the upcoming period.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Robust Portfolio of Automotive Solutions
Garmin is consistently bringing innovative technology-enabled automotive solutions to gain momentum among customers.
Apart from Tread navigators, GRMN introduced a number of automotive offerings in recent months.
Last month, Garmin introduced the dezlCam OTR710, featuring a high-definition dash cam to provide a safe-driving experience to drivers.
In June, Garmin launched the dezl OTR series of trucking navigators featuring arrival planning with automatic birds-eye satellite imagery for high-resolution aerial views during truck entries at the security gates and while loading at dock destinations.
GRMN also unveiled the dezl Headset series featuring high-quality audio, active noise cancellation and a battery life of up to 50 hours to provide a better travel experience to drivers on the road.
Efforts to Strengthen Prospects
The selection of Garmin’s robust Tread navigators by Arctic Cat highlights the reliability of its navigators. Strengthening navigator offerings and an expanding customer base are likely to continue helping GRMN boost its presence in the booming automotive navigation systems market.
The market is witnessing significant growth owing to the increasing adoption of car GPS navigation system, rising demand for accurate navigation products and growing investments in automotive infrastructure.
Per a Market Research Future report, the underlined market is expected to be worth $43 billion by 2027, seeing a CAGR of 7% between 2021 and 2027.
A strong position in the navigation systems market is further helping Garmin remain well-poised to capitalize on the prospects present in the growing automotive industry.
However, GRMN is witnessing weak momentum across the auto OEM programs and consumer auto products. This affected its automotive segment in second-quarter 2022.
The underlined segment generated sales of $139.3 million, accounting for 11.2% of total second-quarter 2022 revenues. Also, revenues were down 6% from the prior-year quarter’s reading.
Shares of GRMN have been down 31.1% in the year-to-date period, lagging the Computer and Technology sector’s decline of 24.7%.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #4 (Sell).
Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Arista Networks (ANET - Free Report) and ASE Technology (ASX - Free Report) . While Arista Networks sports a Zacks Rank #1 (Strong Buy), ASE Technology carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks has lost 11.7% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.9%.
ASE Technology has lost 24.2% in the year-to-date period. The long-term earnings growth rate for ASX is currently projected at 23.1%.