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Garmin (GRMN) Boosts Marine Offerings With its New Radars
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Garmin (GRMN - Free Report) has been continuously putting efforts into strengthening its portfolio of marine offerings.
This is evident from its latest launch of two new magnetron dome radars - GMR 18 xHD3 and GMR 24 xHD3. The move has expanded the company’s xHD3 dome radar series.
The new radars, which provide high-definition imaging, feature scan averaging that helps filter sea clutter and interference.
The devices also show a historical trail of boats on the water through a feature called true echo trails. This aids in identifying collision threats.
The radars offer rotation speeds up to 60 rpm and feature a dual-range display, advanced auto bird gain and a bird mode preset function.
With these features, the underlined radars are capable of providing maximum clarity and awareness of the water.
Hence, Garmin remains well-poised to gain strong traction among mariners with the new devices.
Apart from the introduction of GMR 18 xHD3 and GMR 24 xHD3, the company recently launched five new ice fishing bundles, which include the ECHOMAP UHD2 chartplotter series and the LiveScope Plus Ice House System.
It introduced the 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.
The company launched the GMR xHD3 series of open-array radars with high-definition imaging, advanced platform technology and enhanced features like scan averaging and true echo trails. The radars provide superior weather performance, rotation speeds and fishing-specific features like auto bird gain and bird mode presets.
Garmin unveiled improved high-resolution relief shading coverage for its Garmin Navionics Vision+ premium maritime cartography.
It introduced the Signature Series 3i 8.8” wake tower marine speakers under its brand Fusion Entertainment.
GRMN’s unveiling of the LiveScope Plus System, with a sharper resolution, reduced noise and the clearest images for recreational fishing, remains noteworthy.
Wrapping Up
Strengthening the marine solutions portfolio will likely continue to bolster the performance of the marine segment, which has become an integral part of GRMN.
The marine segment generated sales of $215.8 million, accounting for 16.3% of total third-quarter 2022 revenues. However, the figure declined 11% on a year over year basis. This was attributed to the unfavorable timing of promotions.
Macro headwinds, economic uncertainties and rising inflationary pressure remain concerns for the underlined segment.
Management expects Marine revenues to be down 7% year over year in 2023.
Shares of GRMN have returned 13.9% in the year-to-date period, underperforming the industry’s growth of 21.2%.
Image: Bigstock
Garmin (GRMN) Boosts Marine Offerings With its New Radars
Garmin (GRMN - Free Report) has been continuously putting efforts into strengthening its portfolio of marine offerings.
This is evident from its latest launch of two new magnetron dome radars - GMR 18 xHD3 and GMR 24 xHD3. The move has expanded the company’s xHD3 dome radar series.
The new radars, which provide high-definition imaging, feature scan averaging that helps filter sea clutter and interference.
The devices also show a historical trail of boats on the water through a feature called true echo trails. This aids in identifying collision threats.
The radars offer rotation speeds up to 60 rpm and feature a dual-range display, advanced auto bird gain and a bird mode preset function.
With these features, the underlined radars are capable of providing maximum clarity and awareness of the water.
Hence, Garmin remains well-poised to gain strong traction among mariners with the new devices.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Marine Offerings
Apart from the introduction of GMR 18 xHD3 and GMR 24 xHD3, the company recently launched five new ice fishing bundles, which include the ECHOMAP UHD2 chartplotter series and the LiveScope Plus Ice House System.
It introduced the 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.
The company launched the GMR xHD3 series of open-array radars with high-definition imaging, advanced platform technology and enhanced features like scan averaging and true echo trails. The radars provide superior weather performance, rotation speeds and fishing-specific features like auto bird gain and bird mode presets.
Garmin unveiled improved high-resolution relief shading coverage for its Garmin Navionics Vision+ premium maritime cartography.
It introduced the Signature Series 3i 8.8” wake tower marine speakers under its brand Fusion Entertainment.
GRMN’s unveiling of the LiveScope Plus System, with a sharper resolution, reduced noise and the clearest images for recreational fishing, remains noteworthy.
Wrapping Up
Strengthening the marine solutions portfolio will likely continue to bolster the performance of the marine segment, which has become an integral part of GRMN.
The marine segment generated sales of $215.8 million, accounting for 16.3% of total third-quarter 2022 revenues. However, the figure declined 11% on a year over year basis. This was attributed to the unfavorable timing of promotions.
Macro headwinds, economic uncertainties and rising inflationary pressure remain concerns for the underlined segment.
Management expects Marine revenues to be down 7% year over year in 2023.
Shares of GRMN have returned 13.9% in the year-to-date period, underperforming the industry’s growth of 21.2%.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader technology sector are Asure Software (ASUR - Free Report) , Arista Networks (ANET - Free Report) and Adobe (ADBE - Free Report) . While Asure Software sports a Zacks Rank #1 (Strong Buy), Arista Networks and Adobe each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Asure Software shares have gained 27.6% in the year-to-date period. ASUR’s long-term earnings growth rate is currently projected at 27%.
Arista Networks shares have gained 62.8% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.75%
Adobe shares have gained 66.8% in the year-to-date period. ADBE’s long-term earnings growth rate is currently projected at 13.27%.