Garmin reported a profit of $1.08 billion in 2021. [File Photo: Shutterstock]
Key Takeaways:
Garmin exceeded fourth-quarter income expectations, reporting $1.48 per share, and celebrated a "remarkable year" with double-digit annual revenue growth in four out of five segments for 2021.
The aviation division was a significant growth driver, with net sales up 13% in Q4 and 14% for the full year 2021, fueled by robust airplane sales and high backorders in general aviation.
The company expects continued momentum into 2022, projecting a 10% increase in revenue to $5.5 billion, and is prepared to increase capacity to meet surging demand, especially in the aviation sector.
Garmin Ltd. (NYSE: GRMN) reported fourth-quarter income that exceeded expectations on its earnings call Wednesday.
The company said its fourth-quarter income was $286 million or $1.48 per share, which beat projections of $1,44 per share. Still, it was a decrease from the fourth quarter of 2020, where sales were $333.55 million, or $1.73 a share for the quarter.
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Michael Wildes holds a master’s degree in Logistics & Supply Chain Management, and a bachelor’s degree in Aeronautical Science, both from Embry-Riddle Aeronautical University. Previously, he worked at the university’s flight department as a Flight Check Airman, Assistant Training Manager, and Quality Assurance Mentor. He holds MEI, CFI & CFII ratings. Follow Michael on Twitter @Captainwildes.
