Garmin Ltd. GRMN seems not to be content enough when it comes to making advances in the marine market on the back of the expanding product portfolio.
Garmin’s unit, Garmin International Inc. recently introduced GMR Fantom 254/256 open-array radars, featuring a pulse compression power of 250W.
The latest addition to the company’s expanding product line is especially designed for marine-related activities.
Garmin Ltd. Price and Consensus
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Brief Overview of the New Offering
These radars are especially designed for marine lovers. Featured with short- and long-range target detection performance as well as consistency, these radars help boaters and anglers to avoid any kind of potential collisions.
As the new series of radars is equipped with MotionScope technology and adjustable speed threshold, it can detect moving targets in real-time, helping boaters to know about other boats, flocks of birds or the weather ahead.
In addition, the new radars come with enhanced features like scan-to-scan averaging and improved mini-automatic radar plotting aid (MARPA) with Automatic Acquisition, which provides improved target precision and more visibility to explorers.
These features give a clear, visual scope of water ahead and eliminate the clutter that might interfere with target detection consistency.
Given all these features, the new device is capable of providing valuable statistics for users, thereby increasing the adoption rate of Garmin’s new products.
Worldwide provider of navigation, communications and information devices, Garmin has been making efforts to increase its share in all the markets served by the company, backed by new products and upgrades to the existing ones. It is experiencing notable success in all segments owing to many newly added technologies that are gradually expanding and enabling the company to enter new categories.
The latest product will help it expand its share in the marine market, which focuses on developing technologies and innovations to enhance users’ experiences.
The company’s new Fantom radars should drive marine sales all through the year.
In the last reported quarter, Garmin generated sales of $157.8 million from this segment, which increased 4% on a year-over-year basis. The company witnessed solid momentum across chartplotters and advanced sonars during the quarter, which drove the segment’s revenues.
Zacks Rank & Other Stocks to Consider
Currently, Garmin carries a Zacks Rank #1 (Strong Buy). Other top-ranked stocks in the broader technology sector include Dropbox DBX, Etsy, Inc. ETSY and Maxim Integrated Products, Inc. MXIM, 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 rate of Dropbox, Etsy and Maxim is pegged at 34.4%, 26.5% and 10%, respectively.
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