Garmin (GRMN) Boosts Portfolio With Marine Stereos, Speakers
Garmin (GRMN) introduces marine stereos and speakers to provide an enhanced entertainment experience to boaters.
Garmin’s GRMN brand Fusion Entertainment has released the MS-RA60 marine stereo and EL Series speaker kit and the MS-RA210 premium marine stereo and XS Series speaker kit.
The marine stereos and speakers offer high-quality audio. The products also deliver advanced connectivity options, by which boaters are able to control the music with Fusion-Link and Fusion-Link Lite apps.
Further, the entertainment devices are equipped with innovative features like Multi-Zone technology in two zones and a built-in Class-D amplifier for higher efficiency and greater output.
With the help of the latest stereos and speakers, Garmin aims to provide an enhanced entertainment experience to boaters.
The recent move is expected to expand the company’s reach to boaters, which in turn is likely to expand the customer base.
Marine Segment in Focus
The latest introduction of marine stereos and speakers is in sync withGarmin’s growing efforts to expand the portfolio of its marine segment. Also, the company keeps bringing advanced technological solutions to provide a better experience to anglers, sailors, mariners and boat enthusiasts.
Apart from the recent products, it recently introduced the GPSMAP 79 marine handheld series, which includes all the necessary tools that mariners require when leaving shore.
GRMN also unveiled the Garmin Surround View Camera System to offer captains a 360-degree view of their vessel’s perimeter for avoiding collision.
Further, the company launched a chartplotter and transducer bundle with PanoptixLiveScope sonar named LiveScope Ice Fishing Bundle LI for hardwater fishing.
In addition, GRMN recently acquired Vesper Marine to strengthen its capabilities in offering marine technological solutions.
These endeavors are driving Garmin’s performance in the marine segment, which generated $207.5 million, accounting for 17.4% of total revenues for fiscal third-quarter 2021. Also, revenues from this segment grew 25% year over year.
Expanding Product Portfolio
Apart from expanding the marine portfolio, the company has been consistently working toward bringing new solutions to expand its overall portfolio offerings.
Recently, the company introduced wireless communication enhancements between Edge cycling computers and SHIMANO Di2 electronic shifting systems to provide a better riding experience to cyclists.
In addition, the company unveiled a portable golf launch monitor named Approach R10 in a bid to expand its reach to golfers.
Additionally, the company introduced new products to the Tread series in a bid to provide advanced navigation capabilities to powersport enthusiasts.
Further, GRMN introduced TXi- engine indication system support for twin turboprop aircraft like Cessna 425, the King Air 90 series, and select Pratt & Whitney PT6A turboprop-powered Piper Cheyenne I and II.
We note that Garmin’s strong endeavors to expand product offerings will continue to drive its momentum across customers and bolster its presence in various end-markets served.
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 49.6% over a year. The long-term earnings growth rate for AMD is currently projected at 46.2%.
Mimecast has gained 73.9% over a year. The long-term earnings growth rate for MIME is currently projected at 35%.
TaskUs has gained 52.8% over a year. The long-term earnings growth rate for TASK is currently projected at 32.8%.
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