News

Garmin GRMN introduced the Panoptix PS22-IF Ice Fishing Bundle, a live sonar solution for hardwater anglers.

The bundle features an ECHOMAP UHD2 73sv touchscreen combo and two Panoptix sonar modes for ice fishing.

It features LiveVu Forward for fish swimming towards or away from the hole and LiveVu Down for fish below the surface. The transducer is pole-free, allowing easy adjustments for depth, direction, and sonar mode.

Garmin is expected to gain solid popularity among anglers, sailors, mariners and boat enthusiasts on the back of its newly launched device.

Year-to-Date Performance

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Expanding Marine Offerings Aid Prospects

Per a Skyquest report, the global marine electronics market is expected to reach $8.13 billion by 2030, witnessing a CAGR of 5.2% between 2023 and 2030. Garmin is well-poised to capitalize on this solid growth opportunity on the back of its expanding marine offerings.

Garmin expanded its GPSMAP x3 family with the introduction of GPSMAP 16x3 chartplotters. These chartplotters boast a high-resolution 16-inch touchscreen display with built-in navigation and sonar support, offering superior clarity and sunlight readability, even with polarized sunglasses.

The company unveiled its next-generation marine smartwatch, namely the quatix 7 Pro, in a bid to expand its flagship quatix series’ portfolio offerings. The wearable high-performance tech device, designed for water-based activities, is compatible with Garmin chartplotters, autopilots and Fusion audio systems, offering mariners easy remote-control access from their wrists.

Garmin’s introduction of the GPSMAP 9000 chartplotter series to expand its chartplotter offerings remains noteworthy. It offers faster networking speeds for mariners, enhances multimedia streaming, video integration and HDCP distribution, and can connect to other Garmin marine systems via NMEA 2000 and 0183 networks.

Portfolio Strength: Key Catalyst

Expanding marine offerings bode well for Garmin’s increasing efforts to boost its overall portfolio offerings. Its portfolio strength remains the key growth driver for the company. Garmin’s shares have rallied 26.8% in the year-to-date period, outperforming the industry’s growth of 17.3%.

Garmin recently announced advancements in the FltPlan safety management system, which now comes with updated features of the Flight Risk Assessment Tool (“FRAT”). The company has made flight risk assessment submissions simple to save pilots’ time in data input so that they can quickly complete a FRAT before a flight. This move has added strength to GRMN’s aviation offerings.

It expanded its outdoor offerings with the launch of a laser range finder, Approach Z30, to deliver an enhanced experience to golfers with its advanced ranging performance and Range Relay feature.

Garmin also partnered with Alphabet’s GOOGL Google to bolster its smartwatch offerings.

Per the terms, Alphabet’s YouTube Music app is now available on Garmin IQ Connect smartwatches, allowing users to add playlists and podcasts to their devices.

Expanding portfolio is expected to continue driving Garmin’s financial performance in the upcoming period.

For 2024, Garmin expects total revenues of $5.75 billion. The Zacks Consensus Estimate for 2024 total revenues stands at $5.90 billion, indicating year-over-year growth of 12.9%.

It expects 2024 earnings at $5.40 per share. The consensus mark for 2024 earnings is pegged at $5.77 per share, indicating a 3.2% rise from the year-ago figure. The figure has been revised upward by 0.5% in the past 60 days.

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 Apple AAPL and Badger Meter BMI, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Apple shares have gained 20.1% in the year-to-date period. The long-term earnings growth rate for AAPL is 12.48%.

Badger Meter shares have gained 27% in the year-to-date period. The long-term earnings growth rate for BMI is currently projected at 15.57%.

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