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 $5.82, representing 13% growth over the prior year pro forma EPS
(In thousands, except per share information) |
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13-Weeks Ended |
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52-Weeks Ended |
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December 25, |
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December 26, |
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YoY |
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December 25, |
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December 26, |
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YoY |
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2021 |
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2020 |
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Change |
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2021 |
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2020 |
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Change |
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Net sales |
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$ |
1,391,589 |
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$ |
1,351,405 |
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3 |
% |
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$ |
4,982,795 |
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$ |
4,186,573 |
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19 |
% |
| Fitness |
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470,146 |
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470,811 |
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(0 |
)% |
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1,533,788 |
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1,317,498 |
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16 |
% |
| Outdoor |
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378,218 |
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411,935 |
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(8 |
)% |
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1,281,933 |
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1,128,081 |
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14 |
% |
| Aviation |
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177,582 |
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156,969 |
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13 |
% |
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712,468 |
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622,820 |
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14 |
% |
| Marine |
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196,454 |
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171,579 |
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14 |
% |
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875,151 |
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657,848 |
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33 |
% |
| Auto |
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169,189 |
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140,111 |
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21 |
% |
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579,455 |
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460,326 |
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26 |
% |
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| Gross margin % |
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55.5 |
% |
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58.5 |
% |
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58.0 |
% |
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59.3 |
% |
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| Operating income % |
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22.6 |
% |
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27.5 |
% |
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24.5 |
% |
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25.2 |
% |
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| GAAP diluted EPS |
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$ |
1.48 |
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$ |
1.73 |
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(14 |
)% |
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$ |
5.61 |
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$ |
5.17 |
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9 |
% |
| Pro forma diluted EPS (1) |
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$ |
1.55 |
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$ |
1.73 |
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(10 |
)% |
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$ |
5.82 |
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$ |
5.14 |
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13 |
% |
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| (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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