Winnebago Industries Inc WGO shares are trading higher Wednesday after the company reported better-than-expected financial results.
Winnebago said fiscal third-quarter revenue increased 51.8% year-over-year to $1.46 billion, which beat the estimate of $1.2 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $4.13 per share, which beat the estimate of $2.96 per share.
Gross profit margin increased 100 basis points in the quarter to 18.7%. Winnebago said the increase was primarily driven by operating leverage, price increases and favorable segment mix, which was partially offset by higher material and component costs.
"The unique strength of our brands positioned Winnebago Industries to not only gain market share but also to successfully take continued pricing actions to offset meaningful component and material cost inflation and enhance margin performance across our segments," said Michael Happe, president and CEO of Winnebago.
WGO Price Action: Winnebago has traded between $80.30 and $43.05 over a 52-week period.
The stock was up 2.16% at $46.75 at time of publication.
Photo: courtesy of Winnebago.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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