Garmin Ltd (NYSE:GRMN). GRMN is leaving no stone unturned to bolster the aviation business on the back of its robust autonomous flight solutions.
GRMN’s GFC 500 autopilot received a Supplemental Type Certification (STC) from Federal Aviation Administration (FAA) for use in Beechcraft 35 models C-G and select Cirrus SR20 models. The approval is a testament to Garmin’s focus on strengthening the aviation portfolio.
GFC 500 offers a robust autopilot performance, strong reliability and advanced safety benefits. Further, Garmin features superior in-flight characteristics and self-monitoring capabilities, and comes with minimal maintenance needs.
It also features altitude pre-select VNAV2, and altitude hold, vertical speed and heading modes.
We note that this latest certification highlights the reliability of Garmin’s aviation technology.
Growing Certifications
The company’s aviation business is likely to benefit from the above-mentioned certification.
Apart from the latest certification, Garmin’s GFC 600 digital autopilot recently received an STC from FAA for use in Cessna P210N aircraft. Also, it received an STC for use in Piper Meridian (PA-46-500TP) aircraft.
The GFC 500 autopilot received an STC from the FAA for use in select Piper PA-24 Comanche aircraft. It also got an STC for use in Beechcraft 19 Sport, Beechcraft 23 Musketeer/Sundowner and Beechcraft 24 Musketeer/Sierra aircraft models.
Further, GRMN received an STC for use in Beech H/J/K/M 35 Bonanza, Cessna 210 D/E/F and T210F, and pre-1965 Mooney M20 C/D/E aircraft.
In addition, GFC 600 digital autopilot received an STC from FAA for use in Beechcraft King Air C90 aircraft and E90 aircraft.
Aviation in Focus
We believe that the growing certifications will continue to drive the aviation segment’s top line.
Garmin’s family of autonomous safety solutions, namely Garmin Autonomi, which comprises Emergency Descent Mode and Electronic Stability and Protection, and Autoland emerged as key catalysts.
A robust flight display and a flight deck portfolio are playing a crucial role in shaping the growth trajectory of Garmin’s aviation business.
Garmin enjoys solid momentum across OEM and after-market customers on the back of its popular aviation solutions.
Hence, the growing endeavors to strengthen its aviation segment will continue to drive Garmin’s top line.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Investors interested in the broader technology sector can consider some better-ranked stocks like Advanced Micro Devices (NASDAQ:AMD) AMD, Mimecast (NASDAQ:MIME) MIME and Arrow Electronics (NYSE:ARW) ARW. All the three stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Advanced Micro Devices has gained 41.8% over a year. The long-term earnings growth rate for AMD is currently projected at 46.2%.
Mimecast has gained 51% over a year. The long-term earnings growth rate for MIME is currently projected at 35%.
Arrow Electronics has gained 28.8% over a year. The long-term earnings growth rate for ARW is currently projected at 27.4%.
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