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.