The Forest City-based outdoor lifestyle product manufacturer is reporting a profit of $69 million on record quarterly revenues of just under $840 million. That’s up 34% when compared to this time a year ago.
CEO Michael Happe says the company’s growth is attributed to three key drivers.
“Number one — our leading portfolio of premium outdoor brands, Winnebago, Grand Design, Newmar, and Chris-Craft,” Happe says. “Second — Winnebago Industries’ ongoing commitment to operate with excellence and deliver exceptional, quality, innovation and service in everything we do. Lastly — a win-win partnership mentality with our valued dealer network to create and sustain strong consumer demand for our leading portfolio of outdoor products.”
Happe says despite another good quarterly report, the company is being impacted by a shortage of supplies. “We continue to be restrained from hitting full manufacturing potential given almost daily component availability challenges,” Happe says. “Quarter two lost net sales due to sourcing constraints was easily eight figures across the portfolio. That revenue opportunity remains inherent in our potential as we transition into quarter three.”
People turned to the outdoors more during the pandemic, helping boost revenues for Winnebago. Happe anticipates that enthusiasm will continue well into 2021.
“Our calendar 2021 January and February retail sales were similar to our November and December performance,” Happe says, “underscoring that even through the typically slower winter months, consumers are excited about our brands and intent on securing the product they need to have extraordinary experiences with family and friends this summer.”
Winnebago shares have climbed nearly 30% since the beginning of the year. The stock has more than tripled in the last 12 months and sat at near $78 a share as of this (Wednesday) morning.
(By Bob Fisher, KRIB, Mason City)