Johnson Outdoors Inc (JOUT) 2026 Q3 法說會逐字稿

Hello everyone and welcome to Johnson Outdoors Third Quarter 2026 Earnings Conference Call. Today's call will be held by Helen Johnson Leopold, Johnson Outdoors Chairman and Chief Executive Officer. Also on the call is Asad Rahman, Chief Financial Officer. Prior to the question-and-answer session, all participants will be placed in listen-only mode. After the prepared remarks, the question-and-answer session will begin. (Operator Instructions). I'll now turn the call over to Andres Batista from Johnson Outdoors. Please go ahead, Mr. Batista.

各位好，歡迎參加 Johnson Outdoors 2026 會計年度第三季財報電話會議。今天的會議將由 Johnson Outdoors 董事長兼執行長 Helen Johnson Leopold 主持。另有財務長 Asad Rahman 也將出席。在問答環節開始之前，所有與會者將被設定為僅收聽模式。於準備好的發言結束後，將開始問答環節。(接線員指示)。現在我將把電話交給 Johnson Outdoors 的 Andres Batista。Batista 先生，請開始。

Good morning and thank you for joining us for our discussion of Johnson Outdoors results for the 2026 fiscal third quarter. If you need a copy of today's new release, it is available on our website at johnsonoutdoors.com under Investors Relations. I also need to remind you that this conference call may contain forward-looking statements. These statements are made on the basis of our current views and assumptions and are not guarantees of future performance.

早安，感謝各位參與我們對 Johnson Outdoors 2026 會計年度第三季業績的討論。如需今日新聞稿副本，可至我們網站 johnsonoutdoors.com 的投資人關係（Investors Relations）專區取得。我也需要提醒各位，本次電話會議可能包含前瞻性陳述。這些陳述係基於我們目前的觀點與假設，並不保證未來績效。

Actual events may differ materially from those statements due to a number of factors, many beyond Johnson Aldo's control. These risks and uncertainties include those listed in our press release and filings with the Securities and Exchange Commission. If you have any additional questions following the call, please contact Asad Rahman or myself. It is now my pleasure to turn the call over to Helen Johnson-Lieutel.

由於多項因素（其中許多超出 Johnson Aldo 的控制範圍），實際事件可能與上述陳述存在重大差異。這些風險與不確定性包括我們新聞稿以及向美國證券交易委員會提交之文件中所列者。若您在會後仍有其他問題，請聯絡 Asad Rahman 或我本人。現在我很榮幸將電話交給 Helen Johnson-Lieutel。

Good morning, everyone. First of all, I would like to share that Asad Rahman, our new Chief Financial Officer, joined Johnson Outdoors on June 30. This follows the planned retirement later this year of our longtime CFO, Dave Johnson, and we thank Dave for his many years of service and contributions to the company. I'm excited to have Asad on the call with us today.

各位早安。首先，我想分享 Asad Rahman——我們的新任財務長——已於 6 月 30 日加入 Johnson Outdoors。這是因應我們長期財務長 Dave Johnson 計畫於今年稍晚退休的安排；我們也感謝 Dave 多年來對公司的服務與貢獻。我很高興今天 Asad 能與我們一同參與電話會議。

I'll begin by sharing perspective on the third quarter and year-to-date results, as well as give an update on each business. Asad will review the financial highlights, and then we will take your questions. The strength of our market-leading brands helped us deliver solid third quarter results, with total company sales increasing 5% versus the prior year quarter.

我將先分享第三季與年初至今的業績觀點，並更新各事業的進展。接著 Asad 會回顧財務重點，然後我們將回答各位的提問。我們市場領先品牌的強勁表現，協助我們交出穩健的第三季成果，整體公司銷售額較去年同期成長 5%。

Operating income was $18.3 million, $11 million higher than the prior year quarter with approximately $15 million in tariff refunds received contributing to the improvement. Year-to-date, our net sales were 15% higher than last year's nine-month period with operating income and gross margin also up for the fiscal year-to-date period.

營業利益為 1,830 萬美元，較去年同期增加 1,100 萬美元，其中約 1,500 萬美元的關稅退稅收入對改善有所貢獻。年初至今，我們的淨銷售額較去年前九個月期間高出 15%，本會計年度年初至今期間的營業利益與毛利率亦同步提升。

We are pleased with the results we delivered this quarter and the continued progress on our strategic priorities of innovation leadership, digital and e-commerce excellence and operational efficiencies. In our fishing business, Minkota continues to be the leader in trolling motors and the quarter's results were driven by continued healthy demand for Minkota's full lineup of trolling motors. We are pleased with the momentum of our fishing portfolio.

我們對本季交出的成果，以及在策略優先事項——創新領導、數位與電商卓越、以及營運效率——上的持續進展感到滿意。在釣魚事業方面，Minkota 仍是拖釣馬達（trolling motors）的領導品牌，本季成果主要由 Minkota 全系列拖釣馬達持續健康的需求所帶動。我們對釣魚產品組合的動能感到振奮。

As always, we remain focused on investing in innovation and delivering differentiated technology that enhances the experience of the anglers worldwide. In our diving business, strong sales and regulators and buoyancy compensators help drive a solid increase in third-quarter sales. Digital engagement continues to play an increasingly important role, enhancing connectivity between our ScubaPro brand, retail partners and consumers.

一如既往，我們仍專注於投資創新，並提供差異化技術，以提升全球釣魚愛好者的體驗。在潛水事業方面，調節器（regulators）與浮力控制裝置（buoyancy compensators）的強勁銷售，帶動第三季銷售額穩健成長。數位互動持續扮演愈來愈重要的角色，強化我們 ScubaPro 品牌、零售合作夥伴與消費者之間的連結。

Our focus remains on enhancing brand visibility, improving consumer engagement, and supporting our retail partners around the world. Together, these initiatives strengthen the foundation of the business and underscore the enduring value of the ScubaPro brand.

我們仍聚焦於提升品牌能見度、改善消費者互動，並支援全球各地的零售合作夥伴。這些措施共同強化事業基礎，並凸顯 ScubaPro 品牌的長期價值。

Finally, our camping and watercraft business faced a challenging quarter, primarily due to weakness in marketplace conditions. Jeff Boyle remains a leader in camp cooking, and we're focused on capturing the many opportunities we see to further strengthen and expand the brand. With our Old Town brand, our portfolio of innovative, high-quality watercraft continues to resonate with consumers, and we remain committed to building on those strengths to drive sustainable growth over time.

最後，我們的露營與水上載具事業在本季面臨具挑戰性的表現，主要原因是市場環境疲弱。Jeff Boyle 仍是露營烹飪領域的領導品牌，我們正專注於掌握我們所見的眾多機會，以進一步強化並擴展該品牌。就 Old Town 品牌而言，我們創新且高品質的水上載具產品組合持續獲得消費者青睞；我們也將持續在這些優勢基礎上深耕，以在時間推移中推動可持續的成長。

Overall, our results reflect the strength of our portfolio and the progress we are making against our strategic priorities. By remaining focused on innovation, expanding our digital and e-commerce presence, and driving operational efficiencies, we are positioning the business to perform through a range of market conditions and create long-term value. Now I will turn the call over to Asad for more details on the financials.

整體而言，我們的成果反映出產品組合的實力，以及我們在策略優先事項上的推進進度。透過持續聚焦創新、擴大數位與電商布局，並推動營運效率，我們正讓公司能在各種市場情境下保持表現並創造長期價值。現在我將把電話交給 Asad，請他提供更多財務細節。

Thanks, Helen. Good morning, everyone. Gross margin for the third quarter improved to 45.3%, an increase of 7.7 points compared to the prior year quarter. The tariff refund of approximately $15 million contributed to this improvement. Excluding this benefit, gross margin would have been modestly lower than the prior year due to higher raw materials costs.

謝謝你，Helen。各位早安。第三季毛利率提升至 45.3%，較去年同期增加 7.7 個百分點。約 1,500 萬美元的關稅退稅對此改善有所貢獻。若排除此項利益，毛利率將因原物料成本上升而較去年同期略為下降。

Looking ahead, we do not anticipate additional meaningful tariff refunds and as the tariff landscape continues to evolve, we remain vigilant in managing potential cost impacts and are closely monitoring developments. Operating expenses increased $7 million from the prior year third quarter, due primarily to increased sales volume related costs as well as increased variable compensation costs.

展望未來，我們預期不會再有其他具實質意義的關稅退稅；且隨著關稅環境持續演變，我們將保持警覺以管理潛在成本影響，並密切關注相關發展。營業費用較去年第三季增加 700 萬美元，主要由於銷售量增加所帶動的相關成本上升，以及變動薪酬成本增加。

Profit before income taxes for the third quarter was $23.3 million compared to $10.5 million in the previous year quarter, driven mostly by the factors I just mentioned. During the quarter, we increased inventory levels to support sales demand. Our inventory balance at the end of the third quarter was $188.3 million, up about $24.5 million from the previous year third quarter.

第三季所得稅前利益為 2,330 萬美元，較去年同期的 1,050 萬美元增加，主要受我剛才提到的因素所驅動。本季我們提高了存貨水位以支援銷售需求。第三季末存貨餘額為 1.883 億美元，較去年第三季末增加約 2,450 萬美元。

Year-to-date, gross margin is 40.6%, up 5.8 points from the prior year-to-date period. Tariff refunds, pricing actions, improved overhead absorption and cost-saving initiatives more than offset higher material costs to drive margin improvement in the current year-to-date period.

年初至今，毛利率為40.6%，較去年同期年初至今期間上升5.8個百分點。關稅退稅、定價措施、間接費用吸收改善以及節成本措施，足以抵銷原材料成本上升，推動本年度年初至今期間的毛利率改善。

Our ongoing strategic cost savings program remains critical and continues to deliver meaningful benefits to our bottom line. Profit before income taxes on a year-to-date basis was $32.2 million compared to a loss of $4.3 million during the previous year period, which resulted in an increase of approximately $36.5 million as a result of the strong gross margin improvement mentioned earlier.

我們持續推動的策略性節成本計畫仍然至關重要，並持續為我們的獲利帶來顯著效益。年初至今的稅前利潤為3,220萬美元，相較於去年同期虧損430萬美元，約增加3,650萬美元，主要來自前述強勁的毛利率改善。

Looking ahead, we remain focused on actively managing the business to balance near-term pressures while continuing to invest in priorities that support sustainable growth. Our balance sheet remains debt-free, and we continue to pay a meaningful dividend to shareholders with the Board approving our most recent dividend announced in May. Now, I'll turn the call over to the operator for the Q&A session.

展望未來，我們仍專注於積極管理業務，在平衡短期壓力的同時，持續投資於支持可持續成長的優先事項。我們的資產負債表仍為零負債，且董事會已核准我們於5月宣布的最新股利，我們也持續向股東支付具意義的股利。現在，我將把電話交給接線員進行問答環節。

Thank you. At this time, we'll conduct the question-and-answer session. (Operator Instructions). And our first question comes from the line of Anthony Liebelinski of SADOTI. Your line is now open.

謝謝。此時我們將進行問答環節。（接線員指示）。我們的第一個問題來自SADOTI的Anthony Liebelinski。您的線路已開通。

Good morning and thanks for taking the questions. It's really nice to see the results, especially in fishing and diving. So maybe first if we could just talk about how the quarter progressed from April to June and any early reads so far how July was?

早安，謝謝讓我提問。看到這些成果真的很棒，尤其是在釣魚和潛水方面。或許首先能否談談本季從4月到6月的進展，以及目前對7月的初步觀察？

We had varied results across the business, but we feel good that our plans for innovation have kicked in. But the market is very complex. We're not going to give any forward-looking statements, but the momentum is good and we're keeping focused on strategic priorities. So hopefully things continue.

我們在各項業務上的表現不一，但我們對創新計畫已開始發揮作用感到樂觀。不過市場非常複雜。我們不會提供任何前瞻性陳述，但動能良好，我們也會持續聚焦策略性優先事項。希望情況能持續向好。

Understood. Okay, got it. Okay. And then can you just talk about the pricing actions and the impact they had on the fishing revenue?

了解。好的，明白了。那麼你們能否談談定價措施，以及它們對釣魚業務營收的影響？

Pricing was a factor this quarter, and we did strategic pricing where it made sense for our products, keeping in mind the consumer and demand dynamics.

本季定價確實是一個因素；我們在對產品而言合理之處採取策略性定價，同時也考量消費者與需求動態。

Understood, right.

了解，對。

So as you mentioned, the gross margin, excluding the tariff refund came in just slightly below, relatively in line with a year ago. How do we think about gross margins here kind of going forward? Maybe if you could just go over the various puts and takes that we should be mindful of?

如你所提，毛利率若排除關稅退稅，略低一些，但大致與去年相當。那我們該如何看待未來的毛利率走勢？也許你可以說明一下我們需要留意的各項正負因素？

Yeah, gross margin, as you mentioned, was flattish, excluding refunds.

是的，如你所說，若排除退稅，毛利率大致持平。

Pricing and cost savings continue to be a good factor for us. Increasing raw material cost is the headwind. Like many companies, electronic industry component costs are dynamic for us, and that's something we are monitoring. But it is a good thing that our cost savings efforts in place are there to help offset that.

定價與節成本對我們仍是正面因素。原材料成本上升則是逆風。和許多公司一樣，電子產業零組件成本對我們而言具有波動性，我們正在持續監控。不過好的一點是，我們既有的節成本措施有助於抵銷這些影響。

Got it understood. And then just switching gears to the operating expenses. So they did come in higher than what we had expected and we're up 11.5% from last year. I know you touched on this a little bit as far as the increased sales and marketing costs as well as variable compensation expenses. Kind of if we were to separate those two.

明白了，了解。接著切換到營業費用。營業費用確實高於我們原先預期，且較去年增加11.5%。我知道你稍早提到銷售與行銷成本增加，以及變動薪酬費用。若把這兩項拆開來看。

What was the larger factor driving the higher operating expenses? And then just broadly speaking, how should we think about operating expenses going forward?

哪一項是推動營業費用上升的較大因素？另外更廣泛地說，未來我們應如何看待營業費用？

Yeah, roughly half of that was related to the variable compensation costs. The rest was related to volume-related costs and other expenses. We continue to manage our expenses prudently. While investing in key priorities that are the right things to set us up for long-term success.

是的，大約一半與變動薪酬成本相關。其餘則與銷量相關成本及其他費用有關。我們會持續審慎管理費用。同時投資於關鍵優先事項，這些都是讓我們為長期成功做好準備的正確之舉。

And then lastly for me here, so the tax rate has jumped around quarter-to-quarter so far this year. Any kind of ballpark estimate how to think about the tax rate for the fourth quarter and any perhaps early read for fiscal '27 as to how to think about the tax rate?

最後一個問題：今年到目前為止，稅率在各季之間波動較大。對第四季的稅率有沒有大致的估計？另外，對於2027會計年度，是否也有任何初步看法可供參考？

Yeah, because of the valuation allowance on the U.S. income right now, we knew that the tax rate would be up and down each quarter. To think of it practically, for the full year, it's going to be about $5 billion to $6 billion of tax expense for the year.

是的，由於目前對美國所得設有估值備抵（valuation allowance），我們知道稅率每一季都會上下波動。從實務角度來看，全年稅費大約會是50億到60億美元。

Okay, that's very helpful. All right, well, thank you very much and best of luck.

好的，這非常有幫助。好，謝謝你，祝一切順利。

Thank you.

謝謝。

Thank you. I'm showing no further questions at this time. I'll now turn it back to Helen Johnson-Leopold for closing remarks.

謝謝。我這邊顯示目前沒有其他問題。我現在把電話交回給Helen Johnson-Leopold作結語。

Thank you all for joining us and have a good day. Thank you.

感謝各位參與，祝大家有美好的一天。謝謝。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參與今天的電話會議。會議到此結束。您現在可以掛線。