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Saturday, June 22, 2024

Garmin Pockets $5B in 2021, Projects Double-Digit Growth

  • Garmin exceeded expectations with its latest earnings report.
  • The company also projects double-digit growth in the financial year ahead driven by the company’s fitness segment.
Garmin/Design: Alex Brooks

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.

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