Garmin reports record revenue, beats target

Garmin Ltd. said Wednesday its fourth-quarter net income fell to $286.14 million or $1.48 a share, from $333.55 million, or $1.73 a share, in the year-ago quarter. Adjusted net income for the GPS navigation, communications and information devices company dipped to $1.55 a share from $1.73 a share. Sales increased 3% to a record $1.39 billion from $1.35 billion. Analysts expected Garmin to earn $1.44 a share on sales of $1.36 billion, according to a FactSet survey. Operating expenses rose 9% to $457 million. Looking ahead, Garmin expects 2022 revenue to increase about 10% to $5.5 billion and adjusted 2022 earnings of $5.90 share. Analysts currently expect the company to generate 2022 sales of $5.33 billion and adjusted earnings of $6.27 a share. Shares of Garmin fell 1.3% in premarket trades.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.