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- Winnebago Industries Inc (NYSE:WGO) reported second-quarter FY22 sales growth of 38.7% year-on-year, to $1.17 billion, beating the consensus of $1.10 billion.
- Towable segment revenue grew 47.2% Y/Y to $646.6 million, driven by unit growth due to the strong consumer demand and increased pricing across the segment.
- Motorhome revenue of $417.6 million increased 9.1% Y/Y, driven by an increase in pricing. Marine segment revenue jumped 573% Y/Y to $97.3 million.
- Gross profit increased 38.3% Y/Y to $216.6 million, and gross profit margin of 18.6% was equal to last year, as pricing increase was offset by production inefficiencies related to supply constraints.
- The operating margin contracted 20 basis points to 11.7%, and operating income for the quarter rose 36.8% to $136.8 million. Adjusted EBITDA increased 39.6% to $150.7 million.
- Adjusted EPS of $3.14 beat the analyst consensus of $2.94.
- Winnebago's cash and equivalents totaled $134.8 million as of February 26, 2022, and it generated $46.1 million in operating cash flow during six months.
- Winnebago's Towable segment backlog increased 55.2% Y/Y to $1.87 billion. Motorhome segment backlog increased 21.9% to $2.2 billion. Marine segment backlog jumped 283% to $277.9 million.
- On March 16, 2022, the company's board approved a quarterly cash dividend of $0.18 per share, payable on April 27, 2022, to stockholders of record on April 13, 2022.
- Price Action: WGO shares are trading lower by 8.55% at $57.05 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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