Johnson Outdoors (NASDAQ:JOUT – Get Free Report) announced its earnings results on Friday. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.74, Zacks reports. The company had revenue of $189.73 million during the quarter, compared to analyst estimates of $186.19 million. Johnson Outdoors had a negative net margin of 2.33% and a positive return on equity of 2.52%.
Here are the key takeaways from Johnson Outdoors’ conference call:
- Third-quarter sales increased 5%, while operating income rose to $18.3 million from $7.3 million a year earlier. Approximately $15 million of tariff refunds significantly contributed to the earnings improvement.
- The fishing and diving businesses showed solid momentum, supported by healthy demand for Minn Kota trolling motors and strong regulator and buoyancy-compensator sales at SCUBAPRO.
- The earnings benefit from tariff refunds is unlikely to repeat, and underlying third-quarter gross margin was modestly below the prior year due to higher raw-material and electronic-component costs.
- The camping and watercraft business faced a challenging quarter because of weak marketplace conditions, while inventory increased approximately $24.5 million year over year to $188.3 million.
- Johnson Outdoors remains debt-free, continues to pay a meaningful dividend, and reported year-to-date pretax profit of $32.2 million versus a $4.3 million loss in the prior-year period.
Johnson Outdoors Stock Performance
JOUT traded up $0.67 during trading on Friday, reaching $48.22. 77,296 shares of the company traded hands, compared to its average volume of 43,947. Johnson Outdoors has a 12-month low of $34.69 and a 12-month high of $53.54. The firm has a fifty day simple moving average of $45.89 and a 200 day simple moving average of $46.94. The company has a market cap of $505.35 million, a P/E ratio of -31.72, a PEG ratio of 4.53 and a beta of 0.81.
Johnson Outdoors Announces Dividend
Analysts Set New Price Targets
JOUT has been the subject of a number of analyst reports. Zacks Research cut Johnson Outdoors from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 10th. Wall Street Zen lowered shares of Johnson Outdoors from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Johnson Outdoors in a report on Wednesday. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce”.
Check Out Our Latest Stock Analysis on JOUT
Institutional Trading of Johnson Outdoors
Institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers grew its stake in shares of Johnson Outdoors by 3.7% during the second quarter. Rhumbline Advisers now owns 8,066 shares of the company’s stock valued at $244,000 after buying an additional 289 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Johnson Outdoors by 57.8% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,018 shares of the company’s stock worth $43,000 after purchasing an additional 373 shares during the last quarter. Deutsche Bank AG grew its stake in Johnson Outdoors by 21.1% in the 4th quarter. Deutsche Bank AG now owns 3,091 shares of the company’s stock worth $131,000 after acquiring an additional 538 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Johnson Outdoors by 5.8% in the second quarter. Sei Investments Co. now owns 11,409 shares of the company’s stock valued at $345,000 after purchasing an additional 622 shares during the period. Finally, Mariner LLC boosted its holdings in shares of Johnson Outdoors by 12.8% in the fourth quarter. Mariner LLC now owns 5,901 shares of the company’s stock valued at $252,000 after purchasing an additional 669 shares during the period. 64.05% of the stock is currently owned by institutional investors.
About Johnson Outdoors
Johnson Outdoors Inc is a diversified outdoor recreation company that develops, manufactures and markets a broad range of gear and equipment for marine and land-based activities. The company operates through two primary segments: the Marine Electronics & Boat Group and the Outdoor Products Group. Its marine offerings include electric motors and anchors under the Minn Kota® brand, fish-finding and sonar systems under the Humminbird® brand, and a lineup of recreational watercraft under the Old Town® and Ocean Kayak® names.
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