Garmin announces fourth quarter and fiscal year 2021 results

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

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 16, 2022 — 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 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

(In thousands, except per share information)

 

13-Weeks Ended

 

 

52-Weeks Ended

 

 

 

December 25,

 

 

December 26,

 

 

YoY

 

 

December 25,

 

 

December 26,

 

 

YoY

 

 

 

2021

 

 

2020

 

 

Change

 

 

2021

 

 

2020

 

 

Change

 

Net sales

 

$

1,391,589

 

 

$

1,351,405

 

 

 

3

%

 

$

4,982,795

 

 

$

4,186,573

 

 

 

19

%

Fitness

 

 

470,146

 

 

 

470,811

 

 

 

(0

)%

 

 

1,533,788

 

 

 

1,317,498

 

 

 

16

%

Outdoor

 

 

378,218

 

 

 

411,935

 

 

 

(8

)%

 

 

1,281,933

 

 

 

1,128,081

 

 

 

14

%

Aviation

 

 

177,582

 

 

 

156,969

 

 

 

13

%

 

 

712,468

 

 

 

622,820

 

 

 

14

%

Marine

 

 

196,454

 

 

 

171,579

 

 

 

14

%

 

 

875,151

 

 

 

657,848

 

 

 

33

%

Auto

 

 

169,189

 

 

 

140,111

 

 

 

21

%

 

 

579,455

 

 

 

460,326

 

 

 

26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin %

 

 

55.5

%

 

 

58.5

%

 

 

 

 

 

 

58.0

%

 

 

59.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income %

 

 

22.6

%

 

 

27.5

%

 

 

 

 

 

 

24.5

%

 

 

25.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted EPS

 

$

1.48

 

 

$

1.73

 

 

 

(14

)%

 

$

5.61

 

 

$

5.17

 

 

 

9

%

Pro forma diluted EPS (1)

 

$

1.55

 

 

$

1.73

 

 

 

(10

)%

 

$

5.82

 

 

$

5.14

 

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

 


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