OLATHE, Kan. (BRAIN) — Garmin Ltd. reported record revenue for the year and in the fourth quarter despite flat fitness sales that include cycling products.
Revenue for the quarter increased 3% to $1.39 billion compared with $1.35 billion at the same time last year. For 2021, revenue was up 19% year-over-year, rising from $4.1 billion to $4.9 billion. This despite fitness net sales for the quarter essentially remaining the same, slipping slightly from $471 million to $470 million. For the year, fitness net sales increased 16%, growing from $1.3 billion to $1.5 billion.
Growth in advanced wearable products offset the reduced cycling product sales.
"We are entering 2022 with a great lineup of recently introduced products and have more exciting product introductions planned throughout the year," said Cliff Pemble, Garmin's president and CEO. "I am very proud of what we have accomplished in 2021 and look forward to the opportunities and challenges of the new year."
Net income for the quarter decreased 14%, from $333 million to $286 million year-over-year. For the year, net income went up 9%, from $992 million to $1.1 billion. Earnings per share for the quarter dipped from $1.74 to $1.49. For the year, it increased from $5.19 to $5.63.
Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quote at Marketwatch.com.
