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Garmin’s revenue fell 6% in the fourth quarter, 2% over the full year

OLATHE, Kan. (BRAIN) — Garmin Ltd. revenue fell 6% year over year in the fourth quarter and 2% for 2022 as its fitness products division posted the largest declines of all of the company’s segments .

Fitness revenues, including bike GPS headunits and accessories, power meter pedals and Tacx stationary trainers, decreased 28% year over year in the quarter (from $470 million to $337 million) and for 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 from the same period last year. For 2022, revenue was $4.86 billion, up from $4.98 billion.

“Our performance in 2022 was strong even as we faced growing headwinds that impacted the business environment and consumer behaviors,” said Cliff Pemble, president and CEO. “We are entering 2023 with a strong product range 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 decreased 9%, from $1.08 billion to $976 million. Earnings per share for the quarter increased from $1.49 to $1.53. For the year, it decreased from $5.63 to $5.06.

Garmin’s corporate headquarters are in Olathe. Its shares are listed on the NASDAQ under the ticker symbol GRMN. Stock quotes are available at Marketwatch.com.

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