Garmin (GRMN) Boosts Fitness Offerings With Latest Launch
Garmin GRMN is leaving no stone unturned to bolster its fitness segment on the back of product innovations.
The latest introduction of a powerful direct-drive trainer, namely Tacx NEO 3M, is a testament to the same.
The new indoor smart trainer, which features an electromagnetic motor braking system, offers a realistic ride through integrated motion plates and multidirectional movement functionality.
The device can be seamlessly integrated with the Tacx Training app as well as other riding platforms like TrainerRoad and Zwift.
It comes with advanced training and performance metrics in order to deliver enhanced fitness as well as cycling experience to the customers.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Fitness Segment
Apart from this, Garmin recently launched its new health and fitness smartwatch called vivoactive 5, which comes with a vibrant AMOLED display. The watch features 11 days of battery life in smartwatch mode and motivates users to lead an active life by supporting their fitness goals.
One of the health monitoring features in the watch is the sleep coach, which offers a sleep score and personalized coaching that keeps track of different sleep stages, naps, Pulse Ox1 and heart rate variability status.
The company expanded the integration of ECG App to the epix Pro series, fenix 7 Pro series, Venu 3 series and tactix 7 — AMOLED Edition smartwatches.
Also, Garmin unveiled the MARQ Carbon collection, featuring three modern luxury tool watches made from 130 layers of Fused Carbon Fiber. Each watch features an AMOLED touchscreen display, a domed sapphire lens and up to 16 days of battery life.
All these endeavors are likely to continue to aid the fitness segment’s performance in the days ahead.
The underlined segment generated sales of $352.98 million (27.6% of total sales) in the third quarter of 2023, which increased 26% from the year-ago quarter’s level.
For the fourth quarter of 2023, our model projects fitness revenues of $399.7 million, indicating growth of 18.8% year over year.
Strengthening Portfolio Offerings
The latest launch is in sync with the company’s growing efforts to strengthen its overall portfolio.
Recently, Garmin introduced the Descent Mk3 series of dive computers and transceivers with SubWave sonar technology, air integration options and a vibrant AMOLED display featuring multiple dive modes, DiveView maps and dive readiness scores, as well as other health, fitness and connected features.
It launched an all-in-one dive computer and smartwatch, namely Descent G1 Solar – Ocean Edition, in a bid to boost its adventure watch offerings.
The company launched eTrex Solar, a solar-powered handheld GPS device with an unlimited battery life of up to 1,800 hours in expedition mode, enabling users to stay on the trail longer.
It announced the ECHOMAP Ultra 2 chartplotter series, featuring advanced features like UHD scanning sonar, preloaded Garmin Navionics+ mapping, wireless networking capabilities and a one-year subscription for daily updates.
All the above-mentioned endeavors will likely continue aiding Garmin’s overall financial performance. This, in turn, is expected to instill investor optimism in the stock.
Garmin raised its guidance for 2023 revenues from $5.05 billion to $5.15 billion.
Shares of GRMN have returned 33.8% in the year-to-date period compared with the industry’s growth of 9.6%.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Badger Meter BMI, Arista Networks ANET and NVIDIA NVDA. While Badger Meter currently sports a Zacks Rank #1 (Strong Buy), both Arista Networks and NVIDIA carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Badger Meter have risen 37.8% in the year-to-date period. BMI’s long-term earnings growth rate is 20.39%.
Shares of Arista Networks have rallied 75.9% in the year-to-date period. The long-term earnings growth rate for ANET is 19.77%.
Shares of NVIDIA have risen 167.4% in the year-to-date period. NVDA’s long-term earnings growth rate is 13.5%.
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Original: NVDA Feed: Garmin (GRMN) Boosts Fitness Offerings With Latest Launch