Winnebago Industries Stock Gains On Q1 Earnings Beat

Winnebago Industries Inc WGO reported first-quarter FY22 net revenue growth of 45.7% year-on-year, to $1.16 billion, beating the analyst consensus of $1.01 billion.

• Towable segment revenue grew 43.1% Y/Y to $651 million, driven by unit growth due to the strong end consumer demand and increased pricing across the segment.
• Motorhome revenue of $421.5 million increased 30.7% Y/Y, driven by an increase in Class B and Class A unit sales and pricing across the segment. Marine segment revenue jumped 566.9% Y/Y to $79.3 million.
• Gross profit increased 67.4% Y/Y to $229.4 million, and gross profit margin expanded 250 basis points Y/Y to 19.8%.
• The operating margin expanded 200 basis points to 12.7%, and operating income for the quarter rose 72.2% to $146.4 million. Adjusted EBITDA increased 87.3% to $167.2 million.
• Adjusted EPS of $3.51 beat the analyst consensus of $2.25.
• Winnebago's cash and equivalents totaled $211.4 million as of November 27, 2021, and it generated $56.5 million in operating cash flow during Q1.
• Winnebago's Towable segment backlog increased 64.4% Y/Y to 48,759 units amounting to $1.9 billion. Motorhome segment backlog increased 41.2% to $2.4 billion. Marine segment backlog jumped 315.9% to $257 million.
• On December 15, 2021, the company's board approved a quarterly cash dividend of $0.18 per share payable on January 26, 2022, to stockholders of record on January 12, 2022.
• Price action: WGO shares are trading higher by 4.61% at $71.00 in premarket on the last check Friday.