Garmin Announces Q4 and Fiscal Year 2021 Results

Schaffhausen, Switzerland – 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

Executive Overview From Cliff Pemble, President and CEO

“2021 was another remarkable year as demand for our products led to strong double-digit annual revenue growth in each of our five segments. We are entering 2022 with a great lineup of recently introduced products and have more exciting product introductions planned throughout the year. I am very proud of what we have accomplished in 2021 and look forward to the opportunities and challenges of the new year,” said Pemble.

Marine

Revenue from the marine segment grew 14 percent in the fourth quarter to $196.5 million with growth across multiple categories led by strong demand for its chartplotters. Gross margin and operating margins were 54 percent and 20 percent, respectively, resulting in $39 million of operating income. During the quarter, Garmin launched the GPSMAP 79 marine handheld series, equipping mariners with easy-to-use navigation tools. It also launched the GMR Fantom range, a dome radar, offering a broad range from 20-feet to 48 nautical miles, improved target detection and features to enhance situational awareness on the water. Also during the quarter, its Surround View Camera System was honored with the 2021 Dame Design award.

View the PDF for the full press release and financial statements.