Skip to main content

Garmin Releases Q4 and FY 2021 Results


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.



Marine Travelift Launches Co-op Program

The company received its first student, a University of Wisconsin engineering major, in the seven-month paid co-op.


Trade Only Today Returns Tuesday

The e-newsletter will not publish July 4 in observance of Independence Day. We wish everyone a safe holiday weekend.


ORR Announces Federally Funded Projects

The U.S. Economic Development Administration prioritized outdoor recreation for the first time


Ten Ways To Sell in a Tough Economy

These keys to successful selling can help you create customers who keep coming back, even when sales dip


ASA Names New Board Members

The American Sportfishing Association filled two at-large seats and two regional seats on its board of directors.


Dammrich, Hopkinson Partner With Marine Resources Recruitment

The industry veterans will help clients fill executive-suite, marine industry job openings around the world.


DEALERS: How Was Business in the First Half of 2022?

With the second quarter coming to a close, was there parity between the budget and financial performance in the first six months? Take the Pulse Report survey here.


Passagemaker Relaunches Podcast

Trawler Talk aims to connect with those who are interested in the cruising lifestyle, with episodes dropping every other week