Johnson Outdoors' stock soars after earnings and sales beat, lowered outlook for tariff impact
Shares of Johnson Outdoors Inc. soared 15% toward a seven-month high in morning trade Friday, after outdoor recreation products seller reported first-quarter earnings and revenue that rose above expectations. The company also cut its estimate for the negative impact of tariffs on 2019 profits to $5 million to $7 million from $6 million to $9 million, after it received an exclusion from tariffs for a component for products assembled in the U.S. The company said net income in the quarter to March 31 rose to $21.9 million, or $2.18 a share, from $21.6 million, or $2.15 a share, in the year-ago period. That beat the FactSet EPS consensus of $1.83. Sales grew 7.2% to $177.7 million, above the FactSet consensus of $170.3 million, as fishing sales increased 10.1% and diving sales rose 3.7%. The stock, which is trading at the highest level seen since Oct. 4, 2018, has rocketed 50.5% year to date, while the Dow Jones Industrial Average has advanced 13.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
Johnson Outdoors' stock soars after earnings and sales beat, lowered outlook for tariff impact
Shares of Johnson Outdoors Inc. soared 15% toward a seven-month high in morning trade Friday, after outdoor recreation products seller reported first-quarter earnings and revenue that rose above expectations. The company also cut its estimate for the negative impact of tariffs on 2019 profits to $5 million to $7 million from $6 million to $9 million, after it received an exclusion from tariffs for a component for products assembled in the U.S. The company said net income in the quarter to March 31 rose to $21.9 million, or $2.18 a share, from $21.6 million, or $2.15 a share, in the year-ago period. That beat the FactSet EPS consensus of $1.83. Sales grew 7.2% to $177.7 million, above the FactSet consensus of $170.3 million, as fishing sales increased 10.1% and diving sales rose 3.7%. The stock, which is trading at the highest level seen since Oct. 4, 2018, has rocketed 50.5% year to date, while the Dow Jones Industrial Average has advanced 13.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.