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Apr 02, 2021
Johnson Outdoors Q2 2021 Earnings Report
Reported higher sales and earnings due to strong demand fueled by the pandemic and increased interest in outdoor activities.
Key Takeaways
Johnson Outdoors Inc. announced a surge in net sales by 26% to $206.2 million and an increase in net income to $27.8 million, or $2.74 per diluted share, during the second fiscal quarter ending April 2, 2021, driven by strong demand for outdoor recreation equipment.
Total Company net sales in the second quarter surged 26 percent year over year to $206.2 million.
Total Company operating profit during the quarter was $36.0 million versus $31.8 million in the prior year second quarter.
Gross margin dipped slightly to 45.2 percent due primarily to increases in tariffs and freight costs year over year.
Net income increased to $27.8 million, or $2.74 per diluted share.
Forward Guidance
Johnson Outdoors is focused on maintaining adequate inventory and increasing capacity to meet high demand, while continuing to invest in strategic opportunities to strengthen the business and create value for the long-term.
Positive Outlook
- The company is working with supply chain partners to maintain adequate inventory.
- They are increasing capacity where possible to fill demand.
- The balance sheet remains strong.
- Healthy cash position enables investment in strategic opportunities.
- The company is focused on creating value for the long-term.
Challenges Ahead
- Gross margin dipped slightly due to increases in tariffs.
- Freight costs increased year over year.
- Higher sales volume-driven expenses impacted operating expenses.
- Variable and deferred compensation expense increased between quarters.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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