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Gramin (GRMN) Boosts Marine Offerings With Force Kraken Launch
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Garmin (GRMN - Free Report) unveiled its trolling motor, Force Kraken, to enhance its marine offerings.
Force Kraken with its brushless motor is capable of providing 100 pounds of thrust on a 36-volt system or 80 pounds on a 24-volt system.
It also features Garmin's advanced boat positioning technology and leverages multi-band GPS signal reception and an attitude and heading reference system (AHRS).
The underlined trolling motor helps anglers create routes, patterns and tracks while fishing with the aid of Garmin chartplotters.
Selected models of the Kraken include built-in scanning sonar for clear image of underwater structures and fishes.
Moreover, Kraken can be easily installed on boats with limited bow space like skiffs, bay boats, center consoles and multispecies fishing boats, as it comes with longer shaft lengths and a pivot-style mount.
We believe all these features to likely aid Garmin gain solid momentum across fishing enthusiasts.
The company is well poised to capitalize on the growth prospects in the trolling motor market.
Per a report from fact. Mr, the global electric trolling motor market is projected to reach $818.6 million by 2032 at a CAGR of 3.8% between 2022 and 2032.
The latest move bodes well for the company’s growing efforts toward bolstering its marine segment.
Garmin unveiled GMR xHD3 series open-array radarswhich feature scan averaging and improved target-size processing for enhanced situational awareness while delivering high-definition imaging.
Also, the company recently expanded high-resolution relief shading coverage to Navionics Platinum+ to deliver an enhanced experience to chartplotters.
Navionics Platinum+ offers a 120% more relief shading coverage for many new coastal and inland waters than previous charts.
The company rolled out upgrades to Fusion Entertainment’s EL Series 6.5-inch Marine Speakers, which are designed to provide high-quality audio experience at an entry-level price.
Notably, the recent product innovation and advancement in marine technology is expected to aid the performance of marine segment in the near term, which will likely drive Garmin's overall performance. This is likely to instill investors’ optimism in the stock.
In first-quarter 2023, Garmin generated sales of $278.9 million (24% of total sales) from the underlined segment, up 10% on a year-over-year basis.
The Zacks Consensus Estimate for 2023 revenues is pegged at $5.07 billion, indicating a 4.3% increase from 2022 levels.
GRMN has gained 13% in the year-to-date period compared with the industry’s rally of 15.8%.
Image: Bigstock
Gramin (GRMN) Boosts Marine Offerings With Force Kraken Launch
Garmin (GRMN - Free Report) unveiled its trolling motor, Force Kraken, to enhance its marine offerings.
Force Kraken with its brushless motor is capable of providing 100 pounds of thrust on a 36-volt system or 80 pounds on a 24-volt system.
It also features Garmin's advanced boat positioning technology and leverages multi-band GPS signal reception and an attitude and heading reference system (AHRS).
The underlined trolling motor helps anglers create routes, patterns and tracks while fishing with the aid of Garmin chartplotters.
Selected models of the Kraken include built-in scanning sonar for clear image of underwater structures and fishes.
Moreover, Kraken can be easily installed on boats with limited bow space like skiffs, bay boats, center consoles and multispecies fishing boats, as it comes with longer shaft lengths and a pivot-style mount.
We believe all these features to likely aid Garmin gain solid momentum across fishing enthusiasts.
The company is well poised to capitalize on the growth prospects in the trolling motor market.
Per a report from fact. Mr, the global electric trolling motor market is projected to reach $818.6 million by 2032 at a CAGR of 3.8% between 2022 and 2032.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Strengthening Marine Segment
The latest move bodes well for the company’s growing efforts toward bolstering its marine segment.
Garmin unveiled GMR xHD3 series open-array radarswhich feature scan averaging and improved target-size processing for enhanced situational awareness while delivering high-definition imaging.
Also, the company recently expanded high-resolution relief shading coverage to Navionics Platinum+ to deliver an enhanced experience to chartplotters.
Navionics Platinum+ offers a 120% more relief shading coverage for many new coastal and inland waters than previous charts.
The company rolled out upgrades to Fusion Entertainment’s EL Series 6.5-inch Marine Speakers, which are designed to provide high-quality audio experience at an entry-level price.
Notably, the recent product innovation and advancement in marine technology is expected to aid the performance of marine segment in the near term, which will likely drive Garmin's overall performance. This is likely to instill investors’ optimism in the stock.
In first-quarter 2023, Garmin generated sales of $278.9 million (24% of total sales) from the underlined segment, up 10% on a year-over-year basis.
The Zacks Consensus Estimate for 2023 revenues is pegged at $5.07 billion, indicating a 4.3% increase from 2022 levels.
GRMN has gained 13% in the year-to-date period compared with the industry’s rally of 15.8%.
Zacks Rank & Other Stocks to Consider
Currently, Garmin carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are Akamai Technologies (AKAM - Free Report) , AvidXchange (AVDX - Free Report) and Baidu (BIDU - Free Report) . Akamai Technologies sports a Zacks Rank #1 (Strong Buy), while AvidXchange and Baidu carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Akamai shares have gained 6.6% in the year-to-date period. The long-term earnings growth rate for AKAM is currently projected at 10%.
AvidXchange shares have increased 4.4% in the year-to-date period. The long-term earnings growth rate for AVDX is currently projected at 5.7%.
Baidu shares have gained 19.7% in the year-to-date period. Its long-term earnings growth rate is presently projected at 19.5%.