Second-quarter earnings at Winnebago Industries released Wednesday show the company had a profit of more than $15 million.
The Forest City-based recreational vehicle manufacturer reports on a per-share basis, it had a profit of 48 cents. Earnings were 46 cents per share. Winnebago posted revenue of $370.5 million for the period, exceeding Wall Street forecasts.
Company CEO Michael Happe says Winnebago is building the foundation for a stronger future. He says, “In our second quarter, we continued to make strong progress in transforming Winnebago Industries into a material-larger company with a more balanced RV product portfolio, and an enterprise with significant runway for profitable growth in the future.”
It was just over a year ago when Happe took over as the head of the legacy motor home manufacturer. In that time, he says he’s tried to guide the company to find its future identity. “We’ve made much progress in the last year. We admit there’s much work to do, and we’ll continue to set our goals high for what this Winnebago team can accomplish in the years to come,” Happe says.
The second quarter marked the first full financial period after Winnebago acquired Indiana-based towable manufacturer Grand Design for $500 million. Happe says with Grand Design on board now, it’s complimented Winnebago’s existing towables unit.
He says the overall towables segment in the second quarter accounted for about 46 percent of the roughly 370 million dollars revenue. “This $370 million in enterprise sales was a 64 percent overall increase over the same period a year ago, when 90 plus-percent of Winnebago Industries’ revenue came from our motorized business.”
Winnebago Industries stock has risen almost 30 percent over the last 12 months.
(Reporting by Bob Fisher, KRIB, Mason City)