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Garmin exceeded expectations with its latest earnings report, projecting double-digit growth in the financial year ahead driven by the company’s fitness segment.
The Kansas-based company reported $1.4 billion in revenue in Q4 2021, a 3% increase compared to the same period the year prior, beating analysts’ estimates of $1.37 billion.
Garmin’s full-year revenue reached $5 billion in FY2021, a 19% increase year-over-year.
Known for its GPS devices, Garmin has also benefited from its activity trackers and smartwatches — the company’s fitness segment generated $1.5 billion in revenue for the year that ended Dec. 25, 2021, up 16% compared to the year prior.
Garmin reported growth across all segments during the fiscal year.
- Its outdoor segment saw revenue reach $1.2 billion, up 14% compared to FY2020.
- The marine segment posted $875 million in revenue, a 33% uptick year-over-year.
- Its aviation segment generated $712 million in revenue, up 14% compared to FY2020.
Garmin expects growth to continue in FY2022, with revenue projected to reach $5.5 billion, which would mark the company’s seventh consecutive year of profitability.
A Deeper Dive
Last month, Garmin’s 2021 connected fitness report provided insight into how consumers have stayed active amid a global pandemic.
From data collected through smartwatches, Garmin saw the number of indoor activities logged by its users double year-over-year. The company also reported a 9.5% increase in outdoor activities in 2021 compared to the year prior.
