For the three months ended February 23, the maker of recreational vehicles posted earnings of $0.68 per diluted share on revenue of $432.69 million, which was down 7.6% from a year earlier. The average forecast of analysts was for earnings of $0.59 on revenue of $461.92 million.
Shares of Winnebago were up 3.1% to $30 in Monday’s pre-market trading.
Gross profit margin increased 1 percentage point during the quarter. A boost from revenue mix, pricing and motorhome segment operational improvements was partly offset by inflationary cost pressures and heightened dealer incentives, the Forest City, Iowa, company said.
“Although company sales decreased modestly, we continued to materially outpace the industry and expand our year-over-year margins, primarily due to the improved product vitality and profitability of our motorhome segment and the continued strength and momentum of our Towables segment,” CEO Michael Happe said in a statement.
Revenue for the motorhome segment was
The towable segment posted revenue of $250.7 million for the second quarter, down 5.9% from the prior year, driven by dealer network efforts to reduce inventory levels and partially offset by pricing. The company said it had “very strong” shipments in the prior year.
As of February 23, the company had total outstanding debt of
Contact Dennis Fitzgerald at [email protected]