Garmin reported a profit of $1.08 billion in 2021. [File Photo: Shutterstock]
Key Takeaways:
Garmin exceeded fourth-quarter income expectations, contributing to a "remarkable year" with double-digit annual revenue growth in four out of five segments.
The aviation division was a significant driver, with net sales growing 13% in Q4 and 14% for the full year 2021, fueled by robust airplane sales and strong aftermarket demand.
The company anticipates approximately 10% revenue growth in 2022 and is prepared to expand capacity to meet continued surging demand, particularly 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.
CREATE A FREE ACCOUNT
Sign up to keep reading
Create a free account to continue. Already a member? Sign in below.
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.
