Winnebago Industries' Stock Slides Post Q2 Results

Winnebago Industries Inc 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.

Momentum9.13

Growth12.70

Quality7.41

Value54.30

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