Johnson Outdoors (NASDAQ:JOUT) Announces Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Johnson Outdoors (NASDAQ:JOUT) issued its quarterly earnings data on Friday. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.12, Zacks reports. Johnson Outdoors had a negative net margin of 5.79% and a negative return on equity of 1.92%. The company had revenue of $140.94 million during the quarter, compared to analysts’ expectations of $123.95 million.

Here are the key takeaways from Johnson Outdoors’ conference call:

• Double-digit revenue growth in Q1 driven mainly by unit-volume gains as markets stabilized and strong demand for new products (Humminbird XPLORE/MEGA Live 2, Minn Kota motors, Jetboil systems, SCUBAPRO HYDROS PRO 2) supported performance.
• Profitability materially improved: loss before income taxes narrowed to $1.3 million (from $18.9 million prior-year) and gross margin rose to 36.6%, aided by overhead absorption, pricing and cost-savings actions.
• Balance sheet strength highlighted by a debt-free position, inventory reduction to $183.9 million (down ~$17.7 million YoY), and continuation of a meaningful dividend.
• Digital and e-commerce investments are accelerating growth—management said e-commerce is the fastest-growing channel and is a strategic focus to drive discoverability and sales.
• Tax expense was about $2 million due to a U.S. valuation allowance adjustment, and management warned the effective tax rate may be “wonky” going forward because of where profits are recognized.

Johnson Outdoors Stock Down 0.5%

Shares of Johnson Outdoors stock traded down $0.22 during trading on Friday, hitting $48.16. 82,475 shares of the stock traded hands, compared to its average volume of 55,397. The stock has a market cap of $501.35 million, a price-to-earnings ratio of -14.44, a PEG ratio of 3.37 and a beta of 0.91. Johnson Outdoors has a 52 week low of $21.33 and a 52 week high of $50.99. The firm’s fifty day moving average is $44.09 and its 200-day moving average is $41.19.

Johnson Outdoors Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 22nd. Stockholders of record on Thursday, January 8th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Thursday, January 8th. Johnson Outdoors’s dividend payout ratio is presently -39.40%.

Insiders Place Their Bets

In other Johnson Outdoors news, Director Edward F. Lang sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $43.94, for a total value of $87,880.00. Following the completion of the sale, the director owned 32,171 shares of the company’s stock, valued at $1,413,593.74. This represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 28.21% of the stock is owned by insiders.

Institutional Investors Weigh In On Johnson Outdoors

A number of hedge funds have recently made changes to their positions in JOUT. Rhumbline Advisers grew its holdings in shares of Johnson Outdoors by 3.7% during the 2nd quarter. Rhumbline Advisers now owns 8,066 shares of the company’s stock valued at $244,000 after purchasing an additional 289 shares during the last quarter. Sei Investments Co. boosted its position in Johnson Outdoors by 5.8% during the second quarter. Sei Investments Co. now owns 11,409 shares of the company’s stock valued at $345,000 after buying an additional 622 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Johnson Outdoors by 2.2% during the second quarter. Ameriprise Financial Inc. now owns 56,022 shares of the company’s stock valued at $1,696,000 after buying an additional 1,190 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Johnson Outdoors by 7.6% in the first quarter. Empowered Funds LLC now owns 20,782 shares of the company’s stock worth $516,000 after buying an additional 1,468 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Johnson Outdoors in the 2nd quarter valued at about $52,000. 64.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

JOUT has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of Johnson Outdoors in a research report on Monday, December 29th. Zacks Research upgraded Johnson Outdoors from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 30th. Finally, Wall Street Zen downgraded Johnson Outdoors from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

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.