Garmin Ltd. (GRMN - Free Report) recently took the wraps off the new outdoor GPS handheld series, the GPSMAP 66s and the GPSMAP 66st.
This latest addition to the company’s GPSMAP series targets people who love adventure. These updated premium handhelds will help users for outdoor navigation, trip planning, mapping and data sharing.
We observe that shares of Garmin have gained 30.5% in the past 12 months, outperforming the industry’s 7.4% rally.
More on the Headlines
The new handhelds allow users to download BirdsEye Satellite Imagery, offering them high-resolution photo-realistic views of their route and places of interest like parks, trailheads, stand locations for hunting, among others.
In addition, these devices come preloaded with topographic U.S. maps, offering detailed information on coastlines, rivers, summits, terrain contours and geographical points.
The handheld devices have a strong battery life of 16 hours and a large 3-inch sunlight-readable color display. In addition, they come with a LED flashlight and SOS beacon that can be used to signal for help during adventures.
The new device is compatible with mobile device that can be connected via Bluetooth. When connected, the users can receive weather updates for real-time forecast information. In addition, the handheld will provide predictive maps for temperature and wind speed/direction. The live weather radar will keep users aware of how the weather might affect their outdoor explorations.
Garmin’s Focus on Outdoor
Management focuses on continued innovation, diversification and market expansion to explore growth opportunities in all business segments. Product-line expansion remains the top priority for Garmin.
The move appears to be part of Garmin’s efforts to boost its Outdoor segment that offers technologies to enhance users’ outdoor experiences like hunting, trail running, mountain biking, golfing, diving or using satellite communication.
In the last reported quarter, this segment generated 23% of second-quarter revenues. Outdoor revenues were up 39.8% sequentially and 3.5% year over year. The year-over-year increase was mainly driven by robust demand for wearables.
Hence, it is clear that the company is on the right track with regard to its product offerings. Moreover, acquisitions definitely constitute judicious use of cash in our opinion.
Zacks Rank and Other Stocks to Consider
Garmin currently carries a Zacks Rank #1 (Strong Buy). Other top-ranked stocks in the same industry include Infineon Technologies AG (IFNNY - Free Report) , ON Semiconductor Corporation (ON - Free Report) and Rambus Inc. (RMBS - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for Infineon Technologies, ON Semiconductor and Rambus is currently projected to be 7.5%, 13.2% and 10%, respectively.
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