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Garmin (GRMN) Boosts Marine Offerings With 5 Fishing Bundles
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Garmin (GRMN - Free Report) continues to make strong efforts toward bolstering its marine segment on the back of advanced products.
This is evident from the latest launch of five new ice fishing bundles, which include the ECHOMAP UHD2 chartplotter series and the LiveScope Plus Ice House System.
More precisely, the 2023-24 ice fishing lineup includes new 5" and 7" ECHOMAP UHD2 bundle options, which feature built-in flasher.
Notably, the ECHOMAP UHD2 5" enables easy-to-see fish targets with robust excellent target separation as it features a keyed interface display with a dual beam-IF transducer.
Further, the ECHOMAP UHD2 7" Bundle includes a GT10HN-IF transducer for high-narrow CHIRP traditional sonar, providing detailed and accurate sonar readings.
Moreover, the bundles provide users with enhanced sonar technology, high-resolution displays, detailed mapping, wireless connectivity, and portability to enhance their fishing experience and locate productive fishing locations.
We believe Garmin is likely to gain strong momentum among ice anglers with its new ice fishing bundles.
The latest move of the company is in sync with its concerted efforts to expand its marine offerings.
Apart from the new ice fishing bundles, Garmin recently introduced Force Kraken trolling motor, which offers high propulsion, precise boat positioning, wireless integration with chart plotters, integrated sonar capabilities and innovative cable management for forward-facing sonar.
Furthermore, the company launched the GMR xHD3 series open-array radars with high-definition imaging, advanced platform technology, and enhanced features like scan averaging and true echo trails. Further, the radars provide superior weather performance, rotation speeds and fishing-specific features like auto bird gain and bird mode preset.
Moreover, Garmin unveiled improved high-resolution relief shading coverage for its Garmin Navionics Vision+ premium maritime cartography.
Growth Prospects
The above-mentioned endeavors are expected to aid Garmin’s presence in the marine electronics market, which, per a report from Future Market Insights, is anticipated to hit $7.5 billion by 2029 by registering a CAGR of 5.3% between 2022 and 2029.
Moreover, growing marine offerings are expected to continue driving growth in the company’s marine segment, which generated $278.9 million in sales in the first quarter of 2023 (24% of total sales), up 10% year over year.
Strengthening the marine segment in turn is expected to contribute to the overall performance of the company. This will instill investor optimism in the stock.
For 2023, Garmin expects revenues of $5 billion and pro-forma earnings per share of $5.15.
The Zacks Consensus Estimate for 2023 revenues is pegged at $5.07 billion, reflecting a 4.3% increase from 2022. Also, the consensus mark for 2023 earnings stands at $5.24, reflecting year-over-year growth of 2.14%.
Notably, GRMN has gained 13.8% in the year-to-date period, outperforming the industry’s rally of 13%.
Image: Bigstock
Garmin (GRMN) Boosts Marine Offerings With 5 Fishing Bundles
Garmin (GRMN - Free Report) continues to make strong efforts toward bolstering its marine segment on the back of advanced products.
This is evident from the latest launch of five new ice fishing bundles, which include the ECHOMAP UHD2 chartplotter series and the LiveScope Plus Ice House System.
More precisely, the 2023-24 ice fishing lineup includes new 5" and 7" ECHOMAP UHD2 bundle options, which feature built-in flasher.
Notably, the ECHOMAP UHD2 5" enables easy-to-see fish targets with robust excellent target separation as it features a keyed interface display with a dual beam-IF transducer.
Further, the ECHOMAP UHD2 7" Bundle includes a GT10HN-IF transducer for high-narrow CHIRP traditional sonar, providing detailed and accurate sonar readings.
Moreover, the bundles provide users with enhanced sonar technology, high-resolution displays, detailed mapping, wireless connectivity, and portability to enhance their fishing experience and locate productive fishing locations.
We believe Garmin is likely to gain strong momentum among ice anglers with its new ice fishing bundles.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Marine Portfolio
The latest move of the company is in sync with its concerted efforts to expand its marine offerings.
Apart from the new ice fishing bundles, Garmin recently introduced Force Kraken trolling motor, which offers high propulsion, precise boat positioning, wireless integration with chart plotters, integrated sonar capabilities and innovative cable management for forward-facing sonar.
Furthermore, the company launched the GMR xHD3 series open-array radars with high-definition imaging, advanced platform technology, and enhanced features like scan averaging and true echo trails. Further, the radars provide superior weather performance, rotation speeds and fishing-specific features like auto bird gain and bird mode preset.
Moreover, Garmin unveiled improved high-resolution relief shading coverage for its Garmin Navionics Vision+ premium maritime cartography.
Growth Prospects
The above-mentioned endeavors are expected to aid Garmin’s presence in the marine electronics market, which, per a report from Future Market Insights, is anticipated to hit $7.5 billion by 2029 by registering a CAGR of 5.3% between 2022 and 2029.
Moreover, growing marine offerings are expected to continue driving growth in the company’s marine segment, which generated $278.9 million in sales in the first quarter of 2023 (24% of total sales), up 10% year over year.
Strengthening the marine segment in turn is expected to contribute to the overall performance of the company. This will instill investor optimism in the stock.
For 2023, Garmin expects revenues of $5 billion and pro-forma earnings per share of $5.15.
The Zacks Consensus Estimate for 2023 revenues is pegged at $5.07 billion, reflecting a 4.3% increase from 2022. Also, the consensus mark for 2023 earnings stands at $5.24, reflecting year-over-year growth of 2.14%.
Notably, GRMN has gained 13.8% in the year-to-date period, outperforming the industry’s rally of 13%.
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 Baidu (BIDU - Free Report) , Akamai Technologies (AKAM - Free Report) and AvidXchange (AVDX - Free Report) . Baidu sports a Zacks Rank #1 (Strong Buy), while Akamai Technologies and AvidXchange carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Baidu shares have gained 25% in the year-to-date period. The long-term earnings growth rate for BIDU currently projected at 48.08%.
Akamai shares have gained 7.7% in the year-to-date period. The long-term earnings growth rate for AKAM is currently projected at 10%.
AvidXchange shares have gained 9.2% in the year-to-date period. The long-term earnings growth rate for AVDX is currently projected at 22.9%.