Garmin Reports Sixth Consecutive Year of Revenue Growth
Garmin announced strong 2021 full-year results on Feb. 16, with record consolidated revenue of $4.98 billion, a 19% increase over the prior year.
“2021 was another remarkable year as demand for our products led to strong double-digit annual revenue growth in each of our five segments,” said Garmin President and CEO Cliff Pemble. “We are entering 2022 with a great lineup of recently introduced products and have more exciting product introductions planned throughout the year. I am very proud of what we have accomplished in 2021 and look forward to the opportunities and challenges of the new year.”
Garmin reported record operating income of $1.22 billion, up 16% over 2020. GAAP EPS was $5.61 and pro forma EPS(1) was $5.82, representing 13% growth over the prior year pro forma EPS. For detailed information about the full-year and fourth quarter 2021 results, you may read the full press release here.