Yahoo Finance Garmin (GRMN) Strengthens Outdoor Portfolio With Approach Z30
Garmin GRMN recently launched a laser range finder, Approach Z30, to deliver an enhanced experience to golfers with its advanced ranging performance and Range Relay feature.
The Approach Z30, when paired with Garmin smartwatches or the Garmin Golf app, provides a visual indication of pin position and surrounding areas and also offers precise, ranged distance readings up to 400 yards away.
Garmin is expected to gain solid popularity among golfers on the back of its newly launched laser range finder.
Moreover, Approach Z30 has added strength to Garmin’s Outdoor segment’s portfolio.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Strength in Outdoor Segment Aids Growth
In addition to Approach Z30, Garmin recently extended its mapping solution offering, namely Outdoor Maps+, to several European countries.
This solution, which is compatible with several Garmin adventure smartwatches like GPSMAP 67 series, Montana 700 and Alpha 300 series GPS handhelds and the fenix 7 and epix series, will help the company win more customers in Europe for its Outdoor devices.
Garmin also added several software and feature updates to some Outdoor smartwatches, including the epix (Gen 2) and fenix 7 smartwatches. New features include multisport auto transition, a running track database, personalized sleep coaching and jump rope activity tracking. The software update offers customizable alert intervals and countdown timers.
These efforts will continue driving the Outdoor segment’s performance in the upcoming period.
The Zacks Consensus Estimate for 2024 Outdoor revenues is pegged at $1.84 billion, indicating growth of 8.4% year over year.
Garmin Rides on Strong Portfolio
Expanding Outdoor offerings bode well for Garmin’s increasing efforts to strengthen its overall product portfolio, which is the key growth catalyst for the company. Garmin’s shares have rallied 27.3% in the year-to-date period, outperforming the Zacks Computer & Technology sector’s growth of 25.3%.
Its expanding Venu, Lily and vivoactive smartwatch series, which boasts new health and wellness features, including body battery energy monitoring, advanced sleep monitoring, stress, respiration and heart rate tracking, have been driving growth in its Fitness segment.
The company 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.
It also expanded its marine offerings with the launch of Panoptix PS70, a live sonar system powered by Garmin RapidReturn technology, providing real-time underwater visibility at greater depths, offering a smooth, video-like view at 10 frames per second.
Garmin recently announced advancements in the FltPlan safety management system, which now comes with updated features of the Flight Risk Assessment Tool. This move has added strength to GRMN’s aviation offerings.
These efforts will continue to drive its customer momentum in various end markets, such as aviation, marine, automotive, and health and fitness, which, in turn, will likely aid its overall financial performance in the days ahead.
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 5.9% in the past 60 days.
Zacks Rank & Other Stocks to Consider
Currently, Garmin sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the broader technology sector are Arista Networks ANET and Dropbox DBX, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks’ shares have gained 30.6% in the year-to-date period. The long-term earnings growth rate for ANET is pegged at 15.68%.
Shares of Dropbox have declined 24% in the year-to-date period. The long-term earnings growth rate for DBX is pegged at 11.44%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Garmin Ltd. (GRMN): Free Stock Analysis Report
Alphabet Inc. (GOOGL): Free Stock Analysis Report
Arista Networks, Inc. (ANET): Free Stock Analysis Report
Dropbox, Inc. (DBX): Free Stock Analysis Report
