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. The operating margin contracted 490 bps to 22.6 percent as expenses increased 8.9 percent Y/Y. Pro forma EPS of $1.55 beat the consensus of $1.37. Net cash provided by operating activities totaled $168.96 million with $49.3 million in free cash flow. It held $3.1 billion in cash and equivalents. The company’s board intends to recommend to the shareholders for approval at the June 10 annual meeting an increased cash dividend of $2.92 per …