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Winnebago tops expectations

Thursday, October 13, 2016 6:02
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(Before It's News)

Recreational vehicle maker Winnebago Industries Inc (NYSE:WGO) topped expectations with its fiscal fourth quarter results.

Net income of UD$13.1mln in the three months to 27 August was equivalent to 49 cents a share, up from US$11.7mln (43 cents a share) in the corresponding period of last year.

Analysts had pencilled in a figure of 43 cents for earnings per share.

Revenue rose 4.9% to US$263.3mln from US$251mln the previous year, ahead of analysts’ forecasts of US$252.5mln. The company said shipments of motorized units were up 3.0% year-on-year, while towable unit shipments surged 57.5%.

Lower raw material costs resulting from the company’s strategic sourcing initiative meant that the fourth quarter gross margin improved from the year before.

“Our towables business continues to be one of the primary performance drivers, as shipments and retail registrations both outperform the market, thanks to several new products and increased dealer outlets. The motorized team drove a higher level of manufacturing output while also working hard to deliver more consistent levels of product quality,” said Michael Happe, who is president and also chief executive officer.

Shares were off 0.7% at 27.7 in pre-market trading on a day when the market is expected to open lower.

Story by ProactiveInvestors

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