Johnson Outdoors reports 3Q results

Author:
Publish date:

Johnson Outdoors reported double-digit growth in sales and operating profits for its fiscal third quarter, with strong demand in new product leading to a nearly threefold increase in net income quarter over quarter.

Net income for the quarter that ended June 30 was $16.6 million, or $1.65 a diluted share, compared with $6.8 million, or 68 cents a diluted share, in the previous year’s quarter.

During the current fiscal nine-month period, total company net income more than doubled as revenue rose 11 percent, to $155.3 million, compared with $139.3 million in the previous year.

Successful new products propelled double-digit growth in all fishing brands, driving sales to $104 million for an 18 percent increase in segment revenue, the company said.

"This quarter's outstanding results emphasize the importance of our continued focus and investment on delivering market-winning innovation, driven by a deeper understanding of and unique insights into outdoor recreation consumers,” chairman and CEO Helen Johnson-Leipold said in a statement.

New products are prompting “tremendous growth” in fishing, she said.

"At the same time, our unique flux-ring technology in Jetboil and innovative Predator series of fishing boats from Old Town have helped us grow share in very challenging camping and watercraft recreation markets,” she said.

The company expects the fishing segment to grow at more normalized rates moving forward, Johnson-Leipold said.

Total company operating profit during the quarter was $24.7 million, compared with $13.6 million in the quarter last year.

Gross margin increased by 290 basis points, driven by a favorable product mix and sales volume-related operating efficiencies.

“We will continue to advance progress against our three key strategic plan priorities — richer consumer insights, enhanced innovation processes and digital sophistication — the cornerstones of a foundation for success in delivering accelerated, sustained profitable growth long-term,” she said.

For the seventh consecutive year Humminbird won “Best of Electronics” honors at the International Convention of Allied Sportfishing Trades — better known as ICAST — with the brand's new, big-screen display Solix fishfinder.

Related

Future Sales Focal Point

This month’s Pulse Report survey asks if inventory levels and other concerns will be a factor in boat-show participation. Take the survey here.

ABYC Releases ‘Largest Update’ of Standards

The 61st supplement of its Standards and Technical Information Reports for Small Craft includes electric propulsion and electrical systems.

Fort Myers Tech Receives Training Support

Yamaha and the Marine Industries Association of Southwest Florida and Tampa Bay donate to the college’s new maintenance certification program.

LCI Reports Record Q2

The parent of OEM supplier Lippert Components saw a 108 percent increase in net sales to $1.1 billion.

Cox Marine Addresses the Supply Chain

The diesel outboard manufacturer brings all sub-assembly production in-house to obviate delivery issues.

Boat Shows and Dealer Week Are Calls to Action

Shows are one of the best ways to connect face-to-face with customers, and MRAA’s signature conference can give insights into achieving retail success.