Garmin announces fourth quarter and fiscal year 2021 results

The following table includes supplemental financial information for the consumer auto and auto OEM operating segments that management believes is useful.

Garmin Ltd. and Subsidiaries

 

Net Sales, Gross Profit and Operating Income by Segment

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

 

 

 

 

 

Fitness

 

 

Outdoor

 

 

Aviation

 

 

Marine

 

 

Total

Auto

 

 

Consumer

Auto

 

 

Auto

OEM

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended December 25, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

470,146

 

 

$

378,218

 

 

$

177,582

 

 

$

196,454

 

 

$

169,189

 

 

$

93,143

 

 

$

76,046

 

 

$

1,391,589

 

Gross profit

 

 

231,560

 

 

 

244,482

 

 

 

130,445

 

 

 

105,170

 

 

 

60,448

 

 

 

40,257

 

 

 

20,191

 

 

 

772,105

 

Operating income (loss)

 

 

104,085

 

 

 

141,747

 

 

 

44,800

 

 

 

39,158

 

 

 

(14,671

)

 

 

10,213

 

 

 

(24,884

)

 

 

315,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended December 26, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

470,811

 

 

$

411,935

 

 

$

156,969

 

 

$

171,579

 

 

$

140,111

 

 

$

78,552

 

 

$

61,559

 

 

$

1,351,405

 

Gross profit

 

 

250,603

 

 

 

270,627

 

 

 

114,237

 

 

 

96,347

 

 

 

59,169

 

 

 

41,516

 

 

 

17,653

 

 

 

790,983

 

Operating income (loss)

 

 

128,809

 

 

 

179,028

 

 

 

33,718

 

 

 

41,530

 

 

 

(11,819

)

 

 

15,836

 

 

 

(27,655

)

 

 

371,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52-Weeks Ended December 25, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,533,788

 

 

$

1,281,933

 

 

$

712,468

 

 

$

875,151

 

 

$

579,455

 

 

$

324,731

 

 

$

254,724

 

 

$

4,982,795

 

Gross profit

 

 

813,325

 

 

 

834,837

 

 

 

519,821

 

 

 

495,310

 

 

 

227,166

 

 

 

153,825

 

 

 

73,341

 

 

 

2,890,459

 

Operating income (loss)

 

 

372,575

 

 

 

480,777

 

 

 

191,775

 

 

 

244,199

 

 

 

(70,706

)

 

 

45,603

 

 

 

(116,309

)

 

 

1,218,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52-Weeks Ended December 26, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,317,498

 

 

$

1,128,081

 

 

$

622,820

 

 

$

657,848

 

 

$

460,326

 

 

$

275,493

 

 

$

184,833

 

 

$

4,186,573

 

Gross profit

 

 

697,539

 

 

 

739,777

 

 

 

453,008

 

 

 

384,450

 

 

 

206,562

 

 

 

139,864

 

 

 

66,698

 

 

 

2,481,336

 

Operating income (loss)

 

 

318,884

 

 

 

441,085

 

 

 

137,203

 

 

 

175,724

 

 

 

(18,656

)

 

 

41,464

 

 

 

(60,120

)

 

 

1,054,240

 

Garmin Ltd. and Subsidiaries

 

Net Sales by Geography

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

 

52-Weeks Ended

 

 

 

December 25,

 

 

December 26,

 

 

YoY

 

 

December 25,

 

 

December 26,

 

 

YoY

 

 

 

2021

 

 

2020

 

 

Change

 

 

2021

 

 

2020

 

 

Change

 

Net sales

 

$

1,391,589

 

 

$

1,351,405

 

 

3%

 

 

$

4,982,795

 

 

$

4,186,573

 

 

19%

 

Americas

 

 

626,099

 

 

 

595,720

 

 

5%

 

 

 

2,349,515

 

 

 

1,968,080

 

 

19%

 

EMEA

 

 

528,053

 

 

 

536,822

 

 

(2)%

 

 

 

1,858,907

 

 

 

1,579,749

 

 

18%

 

APAC

 

 

237,437

 

 

 

218,863

 

 

8%

 

 

 

774,373

 

 

 

638,744

 

 

21%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMEA - Europe, Middle East and Africa

 

APAC - Asia Pacific and Australian Continent

 


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