Johnson shares plunge following depressing Q4
Johnson Outdoors stock fell by more than 19% following its depressing fourth quarter figures (reported here last week).
Stretching back further, shareholders in the Wisconsin manufacturer have seen the share price collapse 53% in the last three years.
The company tumbled below analysts’ predictions for Q4 with a 51% decline in net sales, with a net loss per share of $1.56. Its fishing, watercraft, diving and camping divisions all declined.
Revenue for the 2023 full financial year fell 11% as operating profit and net income fell by 82% and 56% respectively. Earnings per share fell 56%.
The cause says the company is the end of high pandemic-driven demand and higher inventory levels at retail.
Looking ahead to next year, the company said it is working hard to outperform a challenging marketplace and improve profits. A cost saving programme is also in place.
Despite the gloomy performance, Johnson Outdoors announced a range of new products, including Minn Kota’s new line of motors, and Old Town’s power-assisted pedal drive boat.