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Jul 01, 2022
Johnson Outdoors Q3 2022 Earnings Report
Johnson Outdoors' sales and earnings decreased due to moderating markets and supply chain challenges.
Key Takeaways
Johnson Outdoors reported a decrease in net sales by 5% to $203.8 million and a decrease in net income to $14.1 million, or $1.38 per diluted share, compared to the prior year's third quarter. The company faced challenges due to moderating markets and ongoing global supply chain issues, particularly in the Fishing business.
Total Company net sales decreased by 5% to $203.8 million.
Operating profit was $23.8 million, down from $38.1 million in the prior year.
Gross margin was 36.1 percent, 9.6 points below the prior year quarter due to increased materials costs.
Net income decreased to $14.1 million, or $1.38 per diluted share, compared to $28.8 million, or $2.83 per diluted share in the previous year.
Johnson Outdoors
Johnson Outdoors
Forward Guidance
The company is focused on managing global supply chain challenges and maximizing product build and shipments to customers. They believe their innovation and brand strength will position them for long-term success.
Positive Outlook
- Orders remain strong.
- Working hard to fill orders as supply comes in.
- Prioritizing maximizing product build and shipments to customers
- Innovation continues to position Johnson Outdoors for long-term marketplace success.
- Strength of brands continues to position Johnson Outdoors for long-term marketplace success.
Challenges Ahead
- Markets are starting to moderate versus the unprecedented past two seasons that were driven by the pandemic.
- Managing ongoing global supply chain challenges.
- Supply chain constraints have negatively impacted gross margins.
- Inflationary trends in the marketplace have negatively impacted gross margins.
- Increased materials costs driven by supply chain dynamics.