Johnson Outdoors (NASDAQ:JOUT) Releases Earnings Results, Beats Expectations By $0.74 EPS

Johnson Outdoors (NASDAQ:JOUT) issued its earnings results on Friday. The company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.74, Zacks reports. The firm had revenue of $189.73 million for the quarter, compared to the consensus estimate of $186.19 million. Johnson Outdoors had a positive return on equity of 2.52% and a negative net margin of 2.33%.

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 Up 1.4%

Shares of Johnson Outdoors stock traded up $0.67 on Friday, hitting $48.22. 77,296 shares of the company were exchanged, compared to its average volume of 43,947. Johnson Outdoors has a 1-year low of $34.69 and a 1-year high of $53.54. The stock has a market capitalization of $505.35 million, a price-to-earnings ratio of -31.72, a price-to-earnings-growth ratio of 4.53 and a beta of 0.81. The company has a 50-day moving average price of $45.89 and a 200 day moving average price of $46.94.

Johnson Outdoors Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 30th. Stockholders of record on Thursday, July 16th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, July 16th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.7%. Johnson Outdoors’s dividend payout ratio is presently -86.84%.

Analyst Ratings Changes

JOUT has been the topic of several recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Johnson Outdoors in a research note on Wednesday. Zacks Research cut Johnson Outdoors from a “strong-buy” rating to a “hold” rating in a report on Friday, April 10th. Finally, Wall Street Zen downgraded Johnson Outdoors from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Johnson Outdoors has an average rating of “Reduce”.

Institutional Investors Weigh In On Johnson Outdoors

Several hedge funds and other institutional investors have recently bought and sold shares of JOUT. CANADA LIFE ASSURANCE Co boosted its holdings in Johnson Outdoors by 57.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,018 shares of the company’s stock valued at $43,000 after purchasing an additional 373 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Johnson Outdoors during the 4th quarter valued at approximately $50,000. Raymond James Financial Inc. purchased a new position in Johnson Outdoors in the second quarter worth approximately $52,000. Deutsche Bank AG increased its stake in Johnson Outdoors by 21.1% during the fourth quarter. Deutsche Bank AG now owns 3,091 shares of the company’s stock worth $131,000 after acquiring an additional 538 shares during the last quarter. Finally, Occudo Quantitative Strategies LP purchased a new position in shares of Johnson Outdoors during the 3rd quarter worth $229,000. 64.05% of the stock is currently owned by institutional investors and hedge funds.

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.