Johnson Outdoors Inc. stock
JOUT,
rose 2.7% in premarket trade Friday, after the maker of outdoor recreation equipment topped revenue estimates for its fiscal first quarter, thanks to strength in its fishing business. The Racine, Wisc.-based company posted net income of $5.9 million, or 47 cents a share, for the quarter to Dec. 30, down from $10.9 million, or $1.07 a share, in the year-earlier period. Revenue climbed 16% to $178.3 million. The FactSet consensus was for EPS of 57 cents and revenue of $168 million. “We saw positive momentum in our Fishing business as supply constraints continued to ease and we worked hard to fill customer orders,” Chief Executive Helen Johnson-Leipold said in a statement. The camping and watercraft business saw some softening after a pandemic-driven increase in demand in the last few years, she said. “While it’s too early to predict how the fiscal year will go, we are monitoring consumer buying behavior and are focused on filling customer orders as we enter into the primary selling season.” Fishing sales rose 27%, while camping revenue fell 18%. Watercraft recreation revenue fell 34%, and diving sales rose 16% driven by a recovery in destination travel. While the supply chain snarls are easing, margins continue to be hit by high inventory costs and inflationary pricing conditions, the company said. The stock has fallen 16% in the last 12 months, while the S&P 500
SPX,
has fallen 7%.
