Johnson Outdoors Inc. today announced all-time high revenue and earnings for fiscal 2017, driven in part by new Minn Kota and Humminbird products.
Strong ongoing marketplace momentum of new products in the company's core fishing, diving and camp cook brands drove a 13 percent increase in sales.
Operating profit grew 99 percent and net income rose 160 percent year over year.
Significantly higher sales in fishing led to improved fourth-quarter performance.
"Johnson Outdoors had an exceptional year, driven by unprecedented growth across our flagship Minn Kota and Humminbird fishing brands as demand for the new Ultrex electric cable steer trolling motor, Helix Series fishfinders and new-to-world Mega Imaging sonar technology remained very strong throughout the year,” said Johnson Outdoors chairman and CEO Helen Johnson-Leipold in a statement.
“Conversely, challenging market conditions constrained growth in watercraft recreation and camping brands this year,” she said. “Looking ahead to next year, we expect a slower pace of growth in our fishing business and top-line growth overall.”
Net sales grew 13 percent, to $490.6 million, versus $433.7 million in the previous fiscal year. New products across the company's Minn Kota, Humminbird, ScubaPro and Jetboil brands more than offset lower revenue in watercraft recreation and camping.
New products powered double-digit sales growth in the Minn Kota and Humminbird brands in all key categories, channels and markets.
Operating profit climbed 99 percent, to $45.6 million, versus $22.9 million in the prior fiscal year because of significantly higher sales volume and gross margin percentage improvement in every business unit
Net income for the fiscal year, which ended Sept. 29, expanded to $35.2 million, or $3.51 a diluted share, a 160 percent improvement from $13.5 million, or $1.34 a share, in the previous year.
The company reported a fourth-quarter profit of $600,000, or 6 cents a diluted share, compared with a loss of $2.1 million, or 21 cents a share, in the quarter last year.