UPDATE: Winnebago Q1 Profit Misses Estimates
Winnebago Industries, Inc. (NYSE: WGO) reported weaker-than-expected fiscal first-quarter earnings.
The Forest City, Iowa-based company posted quarterly net income of $9.9 million, or $0.37 per share, compared to $11.1 million, or $0.40 per share, in the year-ago period.
Its revenue rose 0.8% to $224.4 million from $222.7 million in the period. However, analysts were estimating earnings of $0.45 per share on revenue of $234.5 million.
Motorhome unit shipments increased 1.3% in the quarter, while revenue slipped 0.7%. Motorhome retail registrations gained 19% in the first quarter.
Operating income declined to $14.4 million from $16.0 million last year.
Winnebago's board approved a quarterly cash dividend of $0.09 per share.
During the first quarter, Winnebago repurchased around 272,000 shares of its common stock for approximately $6.0 million, at an average price of $21.86 per share.
Chairman, CEO and President Randy Potts commented, "We faced significant operational challenges in the first quarter because of variances attributed in large part to labor-related inefficiencies and supply chain disruptions, which impacted our ability to finish and ship all of the units we otherwise would have. We are disappointed with the effect these issues, along with the corresponding increased expenses, had on our first quarter profitability.”
Winnebago shares slipped 0.04% to close at $23.85 yesterday.
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