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Outdoor Johnson (NASDAQ:PARTICIPATION) said sales jumped 18% in the third quarter to $196.4 million as supply availability in the fishing business began to improve.
Operating profit fell slightly to $13.3 million from $13.6 million a year ago. The company’s gross margin fell 6 basis points QoQ was mainly due to increased material costs and inventory stockpiling. Operating expenses remained stable year over year despite higher sales largely due to lower warranty and bad debt costs. Net income for the quarter was $9.7 million compared with $6.9 million a year ago.
For the full year, JOUT says fishing revenue fell 5% mainly due to ongoing supply chain disruptions slowing the ability to complete and ship finished products Camping revenue increased 12% due to sales higher in both Jetboil and Eureka products. Boat entertainment sales increased 2% as strong demand for the Sportsman line continued. Sales of wetsuits increased 14% year over year, as parts of the world reopened and tourism increased.
CEO Update: “Our healthy balance sheet and cash position continue to give us the flexibility and resources needed to invest in strategic opportunities to strengthen the business, while continuously paying dividends to shareholders.”
JOUT’s stock rose 1.85% in marketing transactions before and after income report.
