OLATHE, Kan. (BRAIN) — Garmin Ltd. revenue decreased 6% year-over-year in the fourth quarter and 2% for 2022 as its Fitness products division experienced the biggest decline of all the company's segments.
Fitness revenue — including bike GPS head units and accessories, power meter pedals, and Tacx stationary trainers — declined 28% year-over-year for the quarter (from $470 million to $337 million) and in the full year (from $1.53 billion to $1.10 billion).
Overall revenue for the quarter was $1.31 billion, down from $1.39 billion compared with the same time last year. For 2022, revenue was $4.86 billion, compared with $4.98 billion.
"Our performance in 2022 was solid even as we faced increasing headwinds affecting the business environment and consumer behaviors," said Cliff Pemble, president and CEO. "We are entering 2023 with a strong product lineup, and many more product launches are planned throughout the year. I am very proud of what we accomplished in 2022 and look forward to the opportunities and challenges ahead."
Net income for the quarter year-over-year increased 2%, from $286 million to $293 million year-over-year. For the year, net income went down 9%, from $1.08 billion to $976 million. Earnings per share for the quarter went up from $1.49 to $1.53. For the year, it decreased from $5.63 to $5.06.
Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quotes are available at Marketwatch.com.
