Garmin reports record FY2021 revenue $4.98B, Q4 EPS $1.48; proposes dividend increase

GARMIN LTD

2021-FY EPS reported $5.61 revenue$4,982,795,000

Q4 consolidated revenue $1.39B (+3% YoY); GAAP EPS $1.48 (down 14% YoY); pro forma EPS $1.55.
FY2021 record revenue $4.98B (+19% YoY); record operating income $1.22B (+16%); GAAP EPS $5.61 (+9%).
Q4 operating income $315M, down 15% YoY; gross margin 55.5% vs 58.5% prior year.
Segment: Auto +21%, Marine +14%, Aviation +13%, Fitness flat, Outdoor -8%.
Board proposes dividend increase; also acquired Vesper Marine (marine communication equipment).

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