Last updated on July 2nd, 2019 at 09:19 am
Racine-based Johnson Outdoors Inc. today reported record third quarter profits on strong demand for its new products.
The outdoor recreation equipment manufacturer recorded net income of $16.6 million, or $1.65 per diluted share, up 142 percent from $6.8 million, or 68 cents per share, in the third quarter of 2016.
Revenue totaled $155.3 million in the third quarter, up from $139.4 million in the year-ago quarter. Fishing sales drove the revenue increase, up from $88 million to $104 million year-over-year.
Operating profit was $24.7 million, up from $13.6 million in the same period a year ago.
Johnson Outdoors makes watercraft, fishing, diving and camping equipment. The new products were introduced under its Minn Kota, Humminbird, Cannon, SCUBAPRO and Jetboil brands.
“This quarter’s outstanding results emphasize the importance of our continued focus and investment on delivering market-winning innovation driven by a deeper understanding of, and unique insights into, outdoor recreation consumers,” said Helen Johnson-Leipold, chairman and chief executive officer. “Exceptional new products and technologies are powering tremendous growth in Fishing. Likewise, innovation in core life-support categories has created positive marketplace momentum and improved performance in Diving. At the same time, our unique flux-ring technology in Jetboil and innovative Predator series of fishing boats from Old Town have helped us grow share in very challenging Camping and Watercraft Recreation markets. Overall, we are well-positioned to end the year strong with solid momentum heading into the next fiscal year. Looking ahead, we expect to see Fishing grow at a more normalized rate. We will continue to advance progress against our three key strategic plan priorities – richer consumer insights, enhanced innovation processes and digital sophistication – the cornerstones of a foundation for success in delivering accelerated, sustained profitable growth long-term.”