Garmin introduces golf rangefinder and expands mapping solution in efforts to drive growth
From Nasdaq.: 2024-06-28 11:32:00
Garmin introduced the Approach Z30 laser range finder for golfers, offering advanced ranging performance and Range Relay feature. Paired with Garmin smartwatches or the Golf app, users can see pin positions and distances up to 400 yards. This new addition strengthens Garmin’s Outdoor segment portfolio and is expected to be popular among golfers.
Garmin expanded its mapping solution Outdoor Maps+ to European countries for adventurers with compatible devices. Updates to adventure smartwatches include new features like multisport auto transition and personalized sleep coaching. These efforts are driving the Outdoor segment’s performance, with estimated 2024 revenues of $1.84 billion, indicating growth of 8.4%.
Garmin’s strong portfolio includes new health and wellness features in smartwatches like Venu, Lily, and vivoactive, boosting growth in its Fitness segment. Partnerships with Google for smartwatch offerings and advancements in marine technology with the Panoptix PS70 live sonar system enhance its offerings. Upcoming financial performance is promising, with estimated 2024 revenues of $5.90 billion and earnings of $5.77 per share.
Garmin’s stock has surged 27.3% this year, outperforming the sector. With a Zacks Rank #1 (Strong Buy), the company’s collaborations and advancements across various segments are driving growth. The company anticipates total revenues of $5.75 billion in 2024, with expected earnings of $5.40 per share. Other top-ranked stocks in the tech sector include Arista Networks and Dropbox, each with a Zacks Rank #1.
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Read more at Nasdaq.: Garmin (GRMN) Strengthens Outdoor Portfolio With Approach Z30