Winnebago Profits Decline in 1Q, Sales up 6.6%
Winnebago Industries Inc. today (Dec. 15) reported financial results for the company’s first quarter of fiscal year 2012, ended Nov. 26.
Revenues for the first quarter were $131.8 million, an increase of 6.6%, versus $123.7 million for the first quarter of fiscal 2011. Included within consolidated revenues was $10.1 million associated with towable products. Winnebago reported an operating profit of $627,000 for the quarter versus $4.9 million the previous year. Net income for the first quarter fell 73% to $1 million from $3.8 million for the first quarter of fiscal 2011. On a diluted per share basis, the company had net income of $0.04 for the first quarter of Fiscal 2012 compared with $0.13 for the first quarter of fiscal 2011.
The first quarter was negatively impacted by lower motorhome deliveries, as well as lower plant utilization due to shortened work weeks, and positively impacted by an increased average selling price due to a shift of mix within the higher-priced Class A products.
“While we are disappointed that wholesale shipments within the RV industry are fairly flat with shipments in calendar 2010, we have seen overall market share improvement, driven by our growth in the Class A diesel market segment,” said Winnebago CEO and President Randy Potts. According to Statistical Surveys Inc., Winnebago’s combined market share for U.S. Class A and C motorhomes was 18.8% calendar year to date through October compared to 18.4% for the same period in 2010.
“We were pleased with traffic and dealer interest in our products at the National RV Trade Show in Louisville, Ky., which was held Nov. 29 through Dec. 1, 2011,” continued Potts. “The Winnebago Industries display featured our Winnebago, Itasca and Era motorhomes, as well as our Winnebago and SunnyBrook brand towables. We had a number of new 2012 floorplans on display, including the spacious new Class A diesel Winnebago Journey and Itasca Meridian 42E tag-axle models that made their debut at the show. Our towables display was also very busy with many dealers viewing the new and/or redesigned Winnebago and SunnyBrook products for the first time.”
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