Garmin Q4 2021 Earnings Report
Key Takeaways
Garmin Ltd. announced its Q4 and Fiscal Year 2021 results, highlighted by record consolidated revenue of $1.39 billion for the quarter, a 3% increase over the prior year quarter. However, operating income decreased by 15% to $315 million. GAAP EPS was $1.48 and pro forma EPS was $1.55.
Record consolidated revenue of $1.39 billion, a 3% increase over the prior year quarter.
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 was $1.55.
Garmin
Garmin
Garmin Revenue by Segment
Garmin Revenue by Geographic Location
Forward Guidance
Garmin expects full year 2022 revenue of approximately $5.5 billion, an increase of approximately 10% over 2021. They expect full year pro forma EPS to be approximately $5.90 based upon gross margin of approximately 57.5%, operating margin of approximately 22.8% and pro forma effective tax rate of approximately 10.5%.
Positive Outlook
- Full year 2022 revenue expected to be approximately $5.5 billion, a 10% increase over 2021.
- Gross margin of approximately 57.5% is expected.
- Operating margin of approximately 22.8% is anticipated.
- Pro forma effective tax rate of approximately 10.5% is projected.
- Full year pro forma EPS is expected to be approximately $5.90.
Revenue & Expenses
Visualization of income flow from segment revenue to net income