Garmin announces fourth quarter and fiscal year 2021 results

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

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