Garmin (GRMN Quick QuoteGRMN - Free Report) announced that it is set to receive a Federal Aviation Administration Supplemental Type Certification to upgrade Cessna’s Citation CJ2 cockpit.

Garmin’s robust avionics solutions, including G600 TXi flight displays, GTN Xi navigators and GFC 600 digital autopilot, will replace CJ2’s legacy flight deck systems.

Notably, the G600 TXi flight comes with a touchscreen interface, providing advanced primary flight display and multi-function display capabilities.

Garmin’s GTN Xi navigators will enhance light jet flight planning with GPS/NAV/COMM capabilities, enabling pilots to create holding patterns, visualize flight plans and view airway segments. The flight crew can also wirelessly load plans and share information.

Additionally, the GFC 600 digital autopilot upgrade will offer enhanced in-flight characteristics and operational capabilities for CJ2 pilots, including coupled VNAV descents and go-around capabilities. It links en route, terminal and approach procedures, simplifying pilot workload.

Garmin is expected to gain solid traction among pilots as these upgrades will help in modernizing operations and reducing pilot workloads.

Strength in Aviation Portfolio

The latest upgrade highlights the company’s strong Aviation portfolio. Garmin’s growing efforts to strengthen its aviation offerings are further expected to boost its clientele.

Notably, Garmin announced that its GWX 8000 StormOptix Weather Radar with Auto Mode will be approved for display and control via GTN Xi navigators and TXi flight displays, offering comprehensive weather depiction, simplified operation, hail and lightning prediction, turbulence detection and advanced ground clutter suppression.

The company also improved its FltPlan safety management system, including a redesigned Flight Risk Assessment Tool (FRAT) and a new safety performance dashboard, allowing operators to customize FRATs for different pilots and aircraft.

Further, Garmin introduced the GFC 600H Helicopter Flight Control System in an IFR configuration with a Stability Augmentation System, offering collective control and 4-axis capability, enhancing mission effectiveness and reducing pilot workload.

Additionally, Garmin introduced affordable COMM and NAV/COMM radios with a slim 1.35-inch bezel height form factor featuring a full-color LCD display, intuitive user interface and worldwide frequency database.

Wrapping Up

All the above-mentioned endeavors to strengthen the aviation portfolio will enable the company to capitalize on growth opportunities present in the global aviation market.

Per a Mordor Intelligence report, the global aviation market is expected to hit $333.96 billion in 2024 and reach $396.15 billion by 2029, witnessing a CAGR of 2.9% during the forecast period of 2024-2029.

Moreover, strengthening aviation offerings is likely to aid growth in the Aviation segment, which, in turn, will bolster Garmin’s overall top-line performance in the near term.

The Zacks Consensus Estimate for 2024 revenues is pegged at $5.77 billion, indicating year-over-year growth of 10.4%.

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 CrowdStrike (CRWD Quick QuoteCRWD - Free Report) , Badger Meter (BMI Quick QuoteBMI - Free Report) and AMETEK (AME Quick QuoteAME - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of CrowdStrike have gained 28.7% in the year-to-date period. The long-term earnings growth rate for CRWD is 22.31%

Shares of Badger Meter have lost 1.4% in the year-to-date period. The long-term earnings growth rate for BMI is 12.27%.

Shares of AMETEK have gained 10.2% in the year-to-date period. The long-term earnings growth rate for AME is 9.19%.