Garmin yesterday released the results of its fourth quarter and fiscal year 2021, showing strong growth and record financials.
The company reported record consolidated revenue in the fourth quarter of $1.39 billion, a 3 percent increase compared with the prior-year quarter, with three segments posting double-digit growth. Gross and operating margins were 55.5 and 22.6 percent, respectively.
For fiscal year 2021, Garmin reported consolidated revenue of $4.98 billion, a 19 percent year-over-year increase. Gross margin for the year was 58 percent, compared with 59.3 percent in the prior year.
“2021 was another remarkable year, as demand for our products led to strong double-digit annual revenue growth in each of our five segments,” president and CEO Cliff Pemble said in a statement. “We are entering 2022 with a great lineup of recently introduced products and have more exciting product introductions planned throughout the year.”
The report reflects financial results across the company’s marine, aviation, automotive, outdoor recreation, sports, and fitness and wearables segments.
The marine segment posted net sales of $196.5 million for the quarter, a 14 percent increase compared with the prior-year quarter. Net sales of $875.2 million for the fiscal year represent a 33 percent increase compared with 2020.
Gross margin and operating margins were 54 and 20 percent, respectively, resulting in $39 million in operating income.
