Setting Sail with Next-Generation Devices
Garmin launched the JL Audio MediaMaster 55 and 55-HR: innovative marine and powersports source units. The MM55 boasts a 2.8-inch full-color LCD display adorned with larger icons, simplified menus, and a fresh color palette. Meanwhile, the MM55-HR reigns as a versatile helm device capable of flexibly mounting in various locations, enhancing operational efficiency.
These cutting-edge devices offer a plethora of connectivity options, including a digital AM/FM tuner, DAB+ radio, Bluetooth, analog AUX input, and USB connection. With the incorporation of advanced Bluetooth Low Energy technology, users can seamlessly control the devices via the MediaMaster Remote App or a compatible multifunction display.
Garmin is poised to reel in enthusiasts across the maritime realm, from anglers and sailors to mariners and boat owners, with its latest offerings.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Marine Portfolio Boosts Prospects
According to a Skyquest report, the global marine electronics market is slated to surge to $8.13 billion by 2030, exhibiting a CAGR of 5.2% from 2023 to 2030. Garmin stands well-positioned to leverage this robust growth potential with its expanding marine product range.
Recent introductions such as the Panoptix PS22-IF Ice Fishing Bundle, the Force Kraken trolling motor series, and the GPSMAP x3 family underscore Garmin’s commitment to innovation in the marine sector.
Portfolio Strength: A Beacon of Progress
Garmin shares have navigated a 36.5% rally year-to-date, eclipsing the industry’s 13.9% growth. The company’s portfolio robustness serves as a potent catalyst, and the extension of its marine offerings augurs well for bolstering its overall stature.
The firm’s recent additions like the GTR 205 COMM radio series, the Approach Z30 laser range finder, and a strategic collaboration with Alphabet’s Google to enhance its smartwatch portfolio fortify its market position.
A formidable product portfolio is expected to remain the wind in Garmin’s sails, propelling its financial performance in the foreseeable future. Garmin anticipates total revenues of $5.75 billion for 2024. The Zacks Consensus Estimate for 2024 revenue stands at $5.90 billion, envisioning a year-over-year rise of 12.9%. Earnings for 2024 are expected to hit $5.40 per share, with the consensus forecast pegged at $5.77 per share, reflecting a 3.2% surge from the previous year. The earnings projection has been revised upward by 0.5% in the last 60 days.
Zacks Rank & Other Market Movers
Garmin currently boasts a Zacks Rank #3 (Hold). Favorable moves in the broad technology sector feature stocks like PayPal (PYPL) and Badger Meter (BMI), each flaunting a Zacks Rank #1 (Strong Buy) currently.
PayPal has recorded a 0.7% uptick year-to-date, with a long-term earnings growth rate of 14.79%. On the other hand, Badger Meter exhibits a 27% surge in the year-to-date period, with a projected long-term earnings growth rate of 15.57%.