Winnebago Q1 Results Climb, Top Estimates - Quick Facts

(RTTNews) - Winnebago Industries, Inc. (WGO), a recreation vehicle manufacturer, reported Wednesday that its first-quarter net income was $18.0 million, an increase of 53% from $11.7 million in the same period last year. Earnings per share were $0.57, an increase of 36% from $0.42 a year ago.

Revenues climbed 83.5 percent to $450.0 million from last year's $245.3 million, which included three weeks of Grand Design RV performance.

On average, analysts polled by Thomson Reuters expected earnings of $0.52 per share on revenues of $387.13 million for the quarter. Analysts' estimates typically exclude special items.

Consolidated adjusted EBITDA was $35.4 million for the quarter, compared to $14.7 million last year, an increase of 141.2%.

Gross profit was $62.8 million, an increase of 117.6%. Gross profit margin increased 220 basis points, driven by the continuation of accelerated growth in the more profitable Towable segment.

President and Chief Executive Officer Michael Happe said, "As we begin Fiscal 2018, we're pleased with our consolidated results, including continued robust sales growth and margin improvement, as well as further progress toward becoming a larger, more profitable full-line RV provider centered around our two leading brands, Winnebago and Grand Design RV."

Looking ahead, Happe added, "Going forward, our focus remains on improving the operations of our business to drive long-term, sustainable profitability. ….Our Towable businesses remain well-positioned to drive future market share and profitability growth given our strong backlog and improving dealer lot space via new product launches."

The company said it remains optimistic about the strength of the RV marketplace as a whole, with overall U.S. shipments expected to exceed 500,000 units in 2017, and a ninth consecutive year of growth projected in 2018.

In pre-market activity, Winnebago shares were gaining 5.4 percent to trade at $60.50.