Garmin Tops Q4 Backed by Mixed Segment Performance; Proposes Dividend Hike

Garmin GPS devices designed for golfers on display at the 2014 IFA home electronics and appliances trade fair in Berlin, on Sept. 5, 2014. Sean Gallup/Getty Images

Garmin Ltd. reported fourth-quarter FY21 revenue growth of 3 percent year-on-year to $1.39 billion, beating the consensus of $1.36 billion.

Revenue from Fitness was flat Y/Y at $470 million, Outdoor declined 8 percent Y/Y to $378.2 million, Aviation improved 13 percent Y/Y to $177.6 million, Marine jumped 14 percent Y/Y to $196.5 million, and Auto sales grew 21 percent Y/Y to $169.2 million.

Margins

The gross margin contracted 300 bps to 55.5 percent as costs rose 10.5 percent Y/Y.