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Garmin (GRMN) Introduces RV 770 LMT-S Navigator Model

Zacks Equity Research
Updated

Navigation and communications equipment provider Garmin Ltd. GRMN yesterday took the wraps off the new RV 770 LMT-S model of navigator. This latest addition to the company’s RV-dedicated navigator series targets people who love camping and offers advanced navigation solutions. A commercial rollout is slated for the next month.

In the last one year, the stock has outperformed the Zacks Electronics - Miscellaneous Products industry. It has returned 49.20% compared with the industry’s gain of 36.24%.

Real-time Information

The new RV navigator has a built-in Wi-Fi that allows drivers to download maps and software updates offering updated information on places of interest along traveling routes, traffic updates and weather information. Moreover, the preloaded TripAdvisor TRIP data offers a glimpse of popular travel point ratings.

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The device offers route customization based on vehicle weight and size and allows tracking of suitable camping spots and service locations.

Advanced Security

The LiveTrack functionality ensures secured trips by enabling drivers to share their location with others. The driver alert system warns drivers as they approach sharp curves, steep grades, weight limits and bridge heights. The system also gives fatigue warnings and suggests nearby rest areas and restaurants. Additionally, with the voice activated navigation feature, drivers do not need to take their hands off the steering.

Wide Compatibility

The new device is compatible with smartphones that can be connected via Bluetooth. When connected, drivers can make and receive hand-free calls and text messages and notifications while app alerts are displayed alongside the map screen.

The device is also compatible with Garmin BC 30 Wireless Backup camera and any Connect IQ compatible Garmin smartwatch.

Garmin’s Focus on Auto/Mobile

The move appears to be a part of Garmin’s efforts to boost its Auto/Mobile segment that offers personal navigation devices (PNDs), infotainment solutions and mobile applications.

In the third quarter, this segment was down 12.7% sequentially and 18.9% on a year-over-year basis. The year-over-year decrease was due to the shrinking of the PND market and headwinds caused by additional revenue deferrals. (Read more: Garmin Q3 Earnings & Revenues Beat Expectations)

Despite significant reductions over a number of years, Garmin’s PND business remains a big part of its business. However, the secular decline in this business offsets, at times almost entirely, the growth in its other segments. Management has shifted focus to in-dash solutions where revenues are necessarily deferred in some cases. This adds to the weakness caused by the cannibalization of this market by smartphones.

Garmin Ltd. EPS Diluted (TTM)

Garmin Ltd. EPS Diluted (TTM) | Garmin Ltd. Quote

Further, management was late to grasp the changing trends, which increased competition in the space. This was disappointing given the leadership position it has always enjoyed in the PND market. Management expects the PND market to continue to decline this year, which will naturally remain a drag on the company’s business.

Zacks Rank and Stocks to Consider

Garmin is a Zacks Rank #4 (Sell) stock.

Better-ranked stocks in the broader technology sector include NVIDIA Corporation NVDA and Intersil Corporation ISIL, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank  stocks here.

For the current year, while the consensus estimates for NVIDIA remained unchanged in the past 60 days; the same for Intersil has gone up by 1.8% over the same time frame. 

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Garmin Ltd. (GRMN): Free Stock Analysis Report
 
Nvidia Corp. (NVDA): Free Stock Analysis Report
 
Intersil Corp. (ISIL): Free Stock Analysis Report
 
TripAdvisor Inc. (TRIP): Free Stock Analysis Report
 
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