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Winnebago Industries, Inc. (WGO) Second Quarter Earnings Shows Higher Consumer Demand

Wednesday, March 23, 2022 12:14 PM | Kyle Depontes

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Winnebago Industries, Inc. (WGO) Second Quarter Earnings Shows Higher Consumer Demand

Winnebago Industries, Inc. (WGO) stock dropped over 8% today after the company, which manufactures motor homes and towables, announced financial results for the second quarter of fiscal 2022.

Revenues for the second quarter ended February 26, 2022, matched the record of $1.2 billion set in the first quarter of fiscal 2022, an increase of 38.7% compared to $839.9 million for the fiscal 2021 period.

The reported diluted EPS was $2.69, compared to diluted EPS of $2.04 in the same period last year.

Rising Consumer Demand

President and Chief Executive Officer Michael Happe commented, “Winnebago Industries delivered a strong second-quarter performance, executing on sustained, elevated consumer demand for our expanded portfolio of premier outdoor lifestyle brands."

"Our second quarter performance and record sales results at recent RV and Marine trade shows further validate consumers’ embrace of the outdoor lifestyle."

The company's rising demand was reflected in its Towable segment, which jumped to $646.6 million in revenue for the second quarter, up 47.2% over the prior year.

Revenues for the Motorhome segment also rose to $417.6 million for the second quarter, up 9.1% from the prior year.

Transition to Electric

Winnebago management also drew attention to the company's sustainability efforts, including the release of the company's new line of electric vehicles.

Happe added, "In the second quarter, we unveiled the e-RV concept vehicle, an entirely new, all-electric, zero-emission RV, developed by our Advanced Technology Group, that moves to meet the environmental and sustainability goals that Winnebago Industries has set, as well as the growing consumer demand for electric power applications."

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