The third quarter was another record-breaker for Winnebago Industries. Revenues for the Forest City-based recreational vehicle maker reached $562 million, an increase of 18% compared to third quarter last year.
President and CEO Michael Happe says even with rising input costs, the company continues to be successful with its motor home and towable RV lines.
“Despite increasing headwinds on the material cost side, our team drove strong top and bottom line results in Q3, with impressive growth relative to last year,” Happe says. “Our emerging towables business segment once again led the way in terms of market and financial performance, yet we also continue to see positive signs of our motorized business gaining traction on improved internal and external progress.”
Happe says both the Winnebago-branded and Grand Design-branded towable products continue to outpace the market and gain share. “Towable revenues increased 33-percent year over year, again showing strong organic growth from both branded businesses,” Happe says. “Backlog for towables for the quarter increased 15-percent year over year, which supports our positive outlook and expectations for future growth in our towables segment. We continue to see growth in the overall towable RV market, and are pleased that Winnebago Industries continues to take both retail and wholesale market share with both of our brands.”
Happe says the company is always forward-thinking in its watch of the nation’s economic conditions despite having another quarter of record revenues. “Though we are always on high alert for developments on the economic front, such as rising interest rates, rising fuel prices, and monitoring consumer sentiment,” he says, “it is undoubtedly an interesting time in American and global business as there is increasing volatility in these macroeconomic factors, not all of which is triggered by normal supply-and-demand elements.” Happe says the improved RV portfolio and strategic investments continues to benefit the company. That includes the purchase of the iconic recreational boating manufacturer Chris-Craft earlier this month, which will provide a new revenue platform within the outdoor lifestyle market.
(By Bob Fisher, KRIB, Mason City)