Winnebago reports fiscal 2Q profit, motorhome backlog jumps
FOREST CITY, Iowa — Winnebago Industries Inc. said Thursday, March 28, that it returned to a profit in its fiscal second quarter and reported its backlog nearly tripled on increasing demand for its recreational vehicles.
The company earned $6.3 million, or 22 cents per share, during its second quarter that ended March 2. That compares to a loss of $912,000, or 3 cents per share, during the same quarter a year ago.
Revenue jumped 35 percent to $177.2 million.
The results beat Wall Street expectations of 14 cents per share, according to research company FactSet.
The Forest City, Iowa-based company had 2,752 motorhome units in backlog as of March 2, up from 1,004 a year ago. Backlog is an indicator of potential future revenue.
“We believe the motorized RV market will continue to grow toward pre-recession levels,” CEO Randy Potts said in a statement. “Improved economic indicators such as rising housing starts, lower unemployment and attractive interest rates should create a positive environment going forward.”
Winnebago also makes towable RVs at facilities in Elkhart County, though towable RVs accounted for less than a third of all Winnebago units delivered for the quarter. Winnebago shipped more travel trailers than the same quarter a year earlier, but fewer fifth-wheel towables. Their total towable deliveries were down 2.5 percent compared to the same quarter in fiscal 2012.
Towable backlog dropped by 8.6 percent between the end of the quarter in 2012 and the end of the 2013 quarter. Travel trailer backlog grew by 41.3 percent, but fifth-wheel trailer backlog dropped by 70.1 percent.
Winnebago shares fell 14 cents to 21.73 in morning trading.
Elkhart Truth reporter Justin Leighty contributed to this story.