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Garmin announces fourth quarter and fiscal year 2021 results

Company reports record full year revenue and operating income and proposes dividend increase
Copyright © Garmin

Cliff Pemble, Präsident und CEO von Garmin

Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter and fiscal year ended December 25, 2021.

Highlights for fourth quarter 2021 include:
  • Record consolidated revenue of $1.39 billion, a 3% increase over the prior year quarter with three of our segments posting strong double digit growth
  • Gross and operating margins were 55.5% and 22.6%, respectively
  • Operating income of $315 million, a 15% decrease compared to the prior year quarter
  • GAAP EPS was $1.48 and pro forma EPS(1) was $1.55
  • Garmin Descent Mk2i dive computer and Descent T1 transmitter named one of the 2021’s greatest innovations by Popular Science
  • Named a supplier of the year by Embraer for seventh consecutive year
  • Garmin Surround View Camera System was awarded the prestigious DAME design award
  • Recently announced the acquisition of Vesper Marine, a leading provider of marine communication equipment and services
  • Introduced the new Garmin DriveSmart series of portable car navigators with a range of large displays up to 8”
Highlights for fiscal year 2021 include:
  • Sixth consecutive year of revenue growth with each of our five segments posting double digit growth over the prior year
  • Record consolidated revenue of $4.98 billion, a 19% increase over the prior year
  • Gross margin of 58.0% compared to 59.3% in the prior year
  • Operating margin of 24.5% compared to 25.2% in the prior year
  • Record operating income of $1.22 billion, increasing 16% over the prior year
  • GAAP EPS was $5.61 and pro forma EPS(1) was $5.82, representing 13% growth over the prior year pro forma EPS
Source: Garmin
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