The company is an electronics manufacturer Garmin Ltd. (GRMN, NASDAQ) reported the results of another successful quarter. Sales grew rapidly, but next year management presented a more restrained forecast. In the fourth quarter, Garmin's revenue grew 18% to $ 1.1 billion. Thus, the growth for the whole year was 12% to $ 3.76 billion, which is higher than even the company's updated forecasts. Garmin's fastest growing area was the marine equipment segment, up 22% to $ 116 million. The company also noted strong demand in other areas, with the exception of car navigation. However, the drop in the automotive segment was offset by the growing demand for niches in fitness trackers and smart watches. Garmin's gross margin declined in the fourth quarter, but operating margin grew for the quarter and year. Garmin adjusted earnings rose 21% to $ 4.45 per share, higher than the company's forecast.
At the auction on February 20, the GRMN share was worth $ 99.81.