Garmin (GRMN) Boosts Marine Portfolio With Navionics Products

Garmin GRMN has introduced advanced marine cartography products, namely Garmin Navionics+ and Garmin Navionics Vision+, for Garmin chartplotters.

Navionics+ and Navionics Vision+ are equipped with advanced capabilities by which these products offer on-screen cartography presentation and navigation with greater detail.

The cartography devices feature the Auto Guidance+ technology, which provides faster route calculations and improved routing detail. This helps mariners reach their destination following a suggested route.

The products also provide daily chart updates through which boaters can access the latest chart data and lake content. Users can get updates by using the ActiveCaptain smart device app.

In addition to these features, Garmin Navionics Vision+ offers additional capabilities like high-resolution relief shading, sonar imagery, unique 3D views, high-resolution satellite imagery and aerial photography.

With the help of the latest move, Garmin aims to provide an enhanced navigation experience to mariners, boaters and anglers.

Garmin Ltd. Price and Consensus

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Growing Marine Portfolio

The recent introduction of marine cartography products bodes wellforGarmin’s growing efforts toward expanding its marine portfolio offerings.

In addition to the new Navionics products, the company introduced the MS-RA60 marine stereo and EL Series speaker kit and the MS-RA210 premium marine stereo and XS Series speaker kit to provide an enhanced entertainment experience to boaters.

It also unveiled the Garmin Surround View Camera System to offer captains a 360-degree view of their vessel’s perimeter for avoiding collision.

Additionally, it introduced the GPSMAP 79 marine handheld series, which includes all the necessary tools that mariners require when leaving shore.

Further, GRMN acquired Auckland, New Zealand-based Vesper Marine that provides advanced marine communication tools. The acquisition has expanded Garmin’s marine technological solutions offerings.

Bottom Line

Due to strengthening marine offerings, Garmin has been gaining momentum across customers.

Malibu Boats selected Garmin products for its Axis wakesurf and wakeboard boat line. Also, Manitou Pontoon Boats provides Garmin ECHOMAPUHD 73sv and GPSMAP chartplotters for its entire lineup. Further, Manitou added a range of its brand, Fusion Entertainment’s stereos, speakers and amplifiers.

Further, GRMN announced support for Mercury Marine VesselView engine data across ECHOMAP Ultra, ECHOMAP UHD and GPSMAP series multi-function displays. The VesselView provides important Mercury engine information to boaters.

All these endeavors are expected to continue contributing well to the marine segment’s revenues. The segment generated $207.5 million in sales, accounting for 17.4% of third-quarter 2021 total net sales. Further, the segment sales increased 25% year over year.

Zacks Rank & Stocks to Consider

Currently, Garmin carries a Zacks Rank #3 (Hold).

Investors interested in the broader technology sector can consider some better-ranked stocks like Advanced Micro Devices AMD, Mimecast Limited MIME and TaskUs TASK, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Advanced Micro Devices has gained 40.2% over a year. The long-term earnings growth rate for AMD is currently projected at 46.2%.

Mimecast has gained 77.4% over a year. The long-term earnings growth rate for MIME is currently projected at 35%.

TaskUs has gained 14.5% over a year. The long-term earnings growth rate for TASK is currently projected at 32.8%.

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