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

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

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 Trading Down 0.5%

Shares of JOUT traded down $0.22 on Friday, reaching $48.16. 82,475 shares of the company’s stock traded hands, compared to its average volume of 55,397. The stock has a market cap of $501.35 million, a PE ratio of -14.44, a PEG ratio of 3.37 and a beta of 0.91. The stock’s 50 day simple moving average is $44.09 and its two-hundred day simple moving average is $41.19. Johnson Outdoors has a 52-week low of $21.33 and a 52-week high of $50.99.

Johnson Outdoors Dividend Announcement

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

Wall Street Analyst Weigh In

JOUT has been the topic of a number of recent research reports. Zacks Research raised shares of Johnson Outdoors from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Johnson Outdoors in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded Johnson Outdoors from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 6th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce”.

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 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 transaction, the director owned 32,171 shares in the company, valued at $1,413,593.74. This represents a 5.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 28.21% of the company’s stock.

Hedge Funds Weigh In On Johnson Outdoors

Several institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new position in shares of Johnson Outdoors in the second quarter worth $52,000. Occudo Quantitative Strategies LP purchased a new stake in Johnson Outdoors during the 3rd quarter worth about $229,000. Magnetar Financial LLC purchased a new stake in Johnson Outdoors during the 3rd quarter worth about $230,000. Rhumbline Advisers boosted its stake in Johnson Outdoors by 3.7% in the 2nd quarter. Rhumbline Advisers now owns 8,066 shares of the company’s stock worth $244,000 after purchasing an additional 289 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in Johnson Outdoors by 46.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 6,289 shares of the company’s stock valued at $254,000 after buying an additional 1,980 shares in the last quarter. Institutional investors own 64.05% of the company’s stock.

Johnson Outdoors Company Profile

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.