- Johnson Outdoors Inc (NASDAQ:JOUT) reported a third-quarter FY22 sales decline of 5% year-on-year to $203.82 million, narrowly missing the consensus of $203.99 million.
- EPS of $1.38 missed the analyst consensus of $1.78.
- The gross margin contracted 960 basis points Y/Y to 36.1%, primarily due to increased materials costs driven by supply chain dynamics.
- Operating expenses fell 16.3% Y/Y to $49.7 million. The operating margin was 11.7%, and operating income for the quarter fell 37.5% to $23.7 million.
- The company held $117.6 million in cash and equivalents as of July 1, 2022.
- “Managing ongoing global supply chain challenges, particularly in our Fishing business, remains our chief focus as we prioritize maximizing product build and shipments to customers,” said Chairman & CEO Helen Johnson-Leipold.
- Price Action: JOUT shares are trading lower by 2.02% at $66.32 on the last check Friday.
US Central Bank to Reveal Stress Test Results: Major Banks’ Resilience Amid Economic Downturns Expected
The U.S. central bank will release stress test results assessing banks' capital resilience in severe economic downturn scenarios on Wednesday. Big U.S. banks are reportedly expected to demonstrate sufficient capital to withstand banking sector turmoil in Federal Reserve stress tests.
