Garmin (GRMN), Boosts Marine Offerings with New Chartplotters
Garmin GRMN is constantly working to expand its range of marine offerings.
This is evident from its latest move of unveiling a new ECHOMAP UHD2 chartplotter series, which includes advanced features, and a 6”, 7” or 9” bright, sunlight-readable touchscreen display.
New chartplotters come with preloaded Garmin Navigationonics+ mapping, Ultra High-Definition Sonar, wireless networking for data sharing, and support for LiveScope Live-Scanning Sonar.
This chartplotter is comprised of a GT54UHD or GT56UHD Transducer that provides clear imaging of fish and structure.
Further, Garmin Navionics+ mapping assists users on the water by directing them to areas where fish may be hiding.
This combination of useful features makes Garmin likely to see strong adoption by both boaters and anglers of the ECHOMAP UHD2 chartsplotter.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Marine Offerings
The latest move bodes well for the company’s growing efforts toward expanding its marine offerings as well as the ECHOMAP UHD2 chartplotter family.
The company also introduced the ECHOMAP UHD2 series of chartplotters. It recently launched the ECHOMAP UHD2 series with high-contrast sonar power, mapping, and fish-finding features. This will help anglers to have more effective fishing.
Further, it introduced the Signature Series 3i 8.8” wake tower marine speakers under its brand Fusion Entertainment.
Additionally, GRMN’s unveiling of the LiveScope Plus System with a sharper resolution, reduced noise and the clearest images for recreational fishing remains noteworthy.
To End
The performance of the marine segment is expected to continue to improve as a result of strengthening the marine solutions portfolio, which has become an integral component of GRMN.
The marine segment was responsible for 17% in third quarter 2022 revenues. It generated $196.5million in sales. The figure fell 5% year-over-year.
The segment will be negatively affected by pandemic-driven supply chain disruptions in the near future.
Shares of GRMN have declined 25.8% over the past one year against the industry’s decline of 31%.
Zacks Rank & Stocks to Consider
Garmin currently carries a Zacks rank #4 (Sell).
Some better-ranked stocks in the broader Zacks Computer & Technology sector are Arista Networks ANET, ASML Holding ASML Agilent technologies A. Arista Networks (Strong Buy) and ASML Holding (Strong Buy) have Zacks Ranking #1, while Agilent currently has Zacks Rating #2 (Buy). You can view the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks’s loss in the last year was 11.4%. ANET’s long-term earnings growth rate is currently forecast at 17.5%.
ASML Holding experienced a loss of 11.4% in the last year. ASML’s long-term earnings growth rate is currently 23.74%.
Agilent’s stock price has increased 8.5% over the past year. A’s long-term earnings growth rate is currently projected at 10%.
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