Johnson Outdoors raises profit forecast after gaining tariff exclusions
Article Media Click images to enlarge +
Johnson Outdoors, the US-based manufacturer of outdoor leisure equipment, has raised its profit forecast after being granted some exclusions on tariffs imposed on Chinese imports.
As a result of exclusions – announced today – the maker of fishing kayaks and marine electronics has lowered the estimated impact of the Section 301 taxes for 2019 from $5m-7m to $3m. These granted exclusions concern components currently sourced in China for products manufactured in the company’s North American facilities and sold worldwide.
The exclusion requests were reviewed and granted by both the United States Trade Representatives (USTR) and the US Customs and Border Protection (CBP).
“We appreciate that USTR and CBP have approved these exclusions and we will continue to pursue a range of tariff mitigation efforts to strengthen US manufacturing,” said David W. Johnson, Chief Financial Officer. “We remain hopeful that trade negotiations successfully and fairly resolve disputes and eliminate tariffs for the benefit of American manufacturers and workers.”
Johnson Outdoors’ iconic brands include Old Town Canoes and Kayaks; Ocean Kayak; Carlisle paddles; Minn Kota fishing motors, batteries and anchors; Cannon downriggers and Humminbird marine electronics and charts.