PHOTO COURTESY GARMIN

Garmin yesterday released the results of its fourth quarter and fiscal year 2022.

The company reported consolidated revenue of $1.31 billion for the quarter, a decrease of 6% from the prior-year quarter. Gross margin grew to 57% from 55.5% from the prior year quarter, and operating margin was 20.5% compared to 22.6% a year ago. Operating income was $267 million, a 15% decrease from the last year.

For fiscal 2022, Garmin said in its financial report that consolidated revenue of $4.86 billion was a 2% decrease from the prior year. According to the company, this figure was impacted by approximately $228 million due to a strengthening dollar. Gross margin for the year was 57.7%, compared with 58% in the year-prior quarter, and operating margin was 21.1%, down from 24.5% in the prior year. Operating income slipped 16% to $1.03 billion.

“Our performance in 2022 was solid, even as we faced increasing headwinds affecting the business environment and consumer behaviors,” Garmin president and CEO Cliff Pemble said in the report. “We are entering 2023 with a strong product lineup, and many more product launches are planned throughout the year.”

In the marine segment, Garmin posted net sales of $904 million for the year, including $491.5 million in gross profit. Operating income was $215.3 million. Revenue growth was supported by robust sonar and plotter sales, according to the statement.

“Today we announced an outstanding accomplishment of 10 consecutive years of growth for Garmin’s marine business segment, reporting record revenue exceeding $900 million for 2022,” senior director of marine and RV sales Dave Dunn told Trade Only Today. “This growth represents our continued commitment to give anglers, mariners, sailors and boat enthusiasts the most revolutionary technology on the water, and further bolsters our position as the world’s most recognized marine electronics manufacturer.”