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Garmin (GRMN) Expands Descent Series With New Smartwatch
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Garmin (GRMN - Free Report) has launched an all-in-one dive computer and smartwatch, namely Descent G1 Solar - Ocean Edition, in a bid to boost its adventure watch offerings.
Notably, the dive computer, featuring a watch-style design, is made from 100% recycled ocean-bound plastics, suitable for both underwater and topside adventures.
Further, this eco-friendly device features a solar charging lens, providing up to 25 hours of battery life in dive mode and 124 days in smartwatch mode.
Additionally, the versatile underwater device boasts a built-in 3-axis dive compass, tide conditions and over 30 sports apps, along with multiple dive modes, GPS tracking and customizable data screens.
It also offers sleep and energy monitoring and keeps users connected with smart notifications and Garmin Pay contactless payments.
Garmin is expected to gain solid traction across adventure enthusiasts on the back of its latest move.
The latest move bodes well for the company’s deepening focus on the booming smartwatch market.
Per a Vantage Market Research report, the global smartwatch market is expected to be valued at $130.06 billion by 2030, exhibiting a CAGR of 18.6% between 2023 and 2030.
A Fortune Business Insights report predicts that the global smartwatch market size will be valued at $29.3 billion in 2023 and reach $77.2 billion by 2023, indicating a CAGR of 14.8% during the forecast period of 2023-2030.
Strong prospects in the promising smartwatch market will likely aid the company in winning investors’ confidence in the days ahead.
Shares of GRMN have returned 28.9% in the year-to-date period, outperforming the industry’s growth of 18.3%.
Strengthening Outdoor Segment
The latest launch is in sync with the company’s growing efforts to strengthen its Outdoor segment’s portfolio offerings.
Recently, Garmin introduced the Descent Mk3 series of dive computers and transceivers with SubWave sonar technology, air integration options, and a vibrant AMOLED display featuring multiple dive modes, DiveView maps and dive readiness scores, as well as other health, fitness and connected features.
Further, Garmin announced the MARQ Carbon collection, featuring three luxury modern tool watches made from 130 layers of Fused Carbon Fiber. Each watch features an AMOLED touchscreen display, a domed sapphire lens and up to 16 days of battery life.
All the above-mentioned endeavors are likely to have continued aiding the Outdoor segment’s performance in the upcoming period.
The segment generated sales of $433.99 million in the third quarter of 2023, increasing 7% year over year.
The Zacks Consensus Estimate for fourth-quarter Outdoor segment sales is pegged at $536.84 million, indicating growth of 38.3% from the prior-year quarter.
Strength in the Outdoor segment will aid Garmin’s overall financial performance as it contributes to the majority of its net sales.
Notably, the company raised its guidance for 2023 revenues from $5.05 billion to $5.15 billion.
Image: Bigstock
Garmin (GRMN) Expands Descent Series With New Smartwatch
Garmin (GRMN - Free Report) has launched an all-in-one dive computer and smartwatch, namely Descent G1 Solar - Ocean Edition, in a bid to boost its adventure watch offerings.
Notably, the dive computer, featuring a watch-style design, is made from 100% recycled ocean-bound plastics, suitable for both underwater and topside adventures.
Further, this eco-friendly device features a solar charging lens, providing up to 25 hours of battery life in dive mode and 124 days in smartwatch mode.
Additionally, the versatile underwater device boasts a built-in 3-axis dive compass, tide conditions and over 30 sports apps, along with multiple dive modes, GPS tracking and customizable data screens.
It also offers sleep and energy monitoring and keeps users connected with smart notifications and Garmin Pay contactless payments.
Garmin is expected to gain solid traction across adventure enthusiasts on the back of its latest move.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Growth Prospects
The latest move bodes well for the company’s deepening focus on the booming smartwatch market.
Per a Vantage Market Research report, the global smartwatch market is expected to be valued at $130.06 billion by 2030, exhibiting a CAGR of 18.6% between 2023 and 2030.
A Fortune Business Insights report predicts that the global smartwatch market size will be valued at $29.3 billion in 2023 and reach $77.2 billion by 2023, indicating a CAGR of 14.8% during the forecast period of 2023-2030.
Strong prospects in the promising smartwatch market will likely aid the company in winning investors’ confidence in the days ahead.
Shares of GRMN have returned 28.9% in the year-to-date period, outperforming the industry’s growth of 18.3%.
Strengthening Outdoor Segment
The latest launch is in sync with the company’s growing efforts to strengthen its Outdoor segment’s portfolio offerings.
Recently, Garmin introduced the Descent Mk3 series of dive computers and transceivers with SubWave sonar technology, air integration options, and a vibrant AMOLED display featuring multiple dive modes, DiveView maps and dive readiness scores, as well as other health, fitness and connected features.
Further, Garmin announced the MARQ Carbon collection, featuring three luxury modern tool watches made from 130 layers of Fused Carbon Fiber. Each watch features an AMOLED touchscreen display, a domed sapphire lens and up to 16 days of battery life.
All the above-mentioned endeavors are likely to have continued aiding the Outdoor segment’s performance in the upcoming period.
The segment generated sales of $433.99 million in the third quarter of 2023, increasing 7% year over year.
The Zacks Consensus Estimate for fourth-quarter Outdoor segment sales is pegged at $536.84 million, indicating growth of 38.3% from the prior-year quarter.
Strength in the Outdoor segment will aid Garmin’s overall financial performance as it contributes to the majority of its net sales.
Notably, the company raised its guidance for 2023 revenues from $5.05 billion to $5.15 billion.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Badger Meter (BMI - Free Report) , Arista Networks (ANET - Free Report) and Salesforce (CRM - Free Report) . While Badger Meter sports a Zacks Rank #1 (Strong Buy), Arista Networks and Salesforce carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Badger Meter shares have gained 38% in the year-to-date period. BMI’s long-term earnings growth rate is currently projected at 20.39%.
Arista Networks shares have gained 77.3% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 20.4%
Salesforce shares have gained 66.8% in the year-to-date period. CRM’s long-term earnings growth rate is currently projected at 22.54%.