JohnsonOutdoorsIncAnnouncesThirdFiscalQuarter2024FinancialResults
Intellectia.AI2024-08-08
Johnson Outdoors Inc. Announces Third Fiscal Quarter 2024 Financial Results
Johnson Outdoors Inc. (NASDAQ:JOUT), a leading global innovator of outdoor recreation equipment and technology, reported its financial results for the third fiscal quarter ending June 28, 2024.
Key Financial Metrics
| Metric | Q3 FY2024 | Q3 FY2023 | YoY Change | Consensus Estimate | Estimate Comparison |
|---|---|---|---|---|---|
| Total Revenue | $172.5 million | $187.0 million | -8.0% | $176.14 million | Below |
| Earnings Per Share (EPS) | $0.16 | $1.44 | -88.9% | $0.22 | Below |
| Operating Income (Loss) | -$0.5 million | $17.4 million | N/A | N/A | N/A |
| Gross Margin | 35.8% | 41.5% | -5.7% | N/A | N/A |
| Net Income | $1.6 million | $14.8 million | -89.2% | N/A | N/A |
Interpretation: The company experienced a significant decline in both revenue and earnings per share compared to the previous year. Key contributing factors included lower consumer demand and increased promotional activity. Revenue fell short of both the previous year's figures and consensus estimates.
Management Comments
Helen Johnson-Leipold, Chairman and CEO, noted that the company is facing challenging marketplace conditions due to lower consumer demand and heavy promotional activity. The company is focusing on cost savings, reducing inventory levels, and investing in innovation and digital capabilities. David W. Johnson, Vice President and CFO, emphasized ongoing cost savings opportunities and the company’s commitment to long-term value creation and consistent dividend payouts.
Dividends and Share Repurchase Program
In May 2024, Johnson Outdoors' Board of Directors approved a quarterly cash dividend to shareholders of record as of July 11, 2024, payable on July 25, 2024.
Forward Guidance
The company did not provide specific forward guidance in its release.
Stock Price Movement
The stock price experienced a minor decline of approximately -0.54% following the earnings release.
In Summary: Johnson Outdoors Inc. faced a challenging third quarter with declines in revenue and profitability due to lower consumer demand and increased promotional spending. Despite these hurdles, the company remains focused on strategic investments and long-term growth initiatives backed by a robust balance sheet.
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