Winnebago Industries of Forest City is reporting a record fiscal year.
The company which makes motorhomes, trailers, and other outdoor products posted a profit of nearly $282 million for Fiscal Year 2021, which wrapped up at the end of August.
That’s an increase of 359% compared to more than $61 million in Fiscal Year 2020.
Revenues for Fiscal 2021 were $3.6 billion, an increase of 54% from $2.4 billion in Fiscal ’20. Winnebago C-E-O Michael Happe (HAPPY) says the record numbers are a result of strong consumer demand for the company’s products.
“Winnebago Industries’ trend of expanding market share accelerated in the fourth quarter, gaining a full 2.1 percentage points a share during the three-month period ending August,” Happe says. “Importantly, this is driven by both new and experienced consumers who recognized the differentiated quality and innovation in Winnebago Industries’ brand portfolio, and the exceptional service we are known to provide in partnership with our dealers.”
Happe says the company was able to profit from the shift of more people wanting to experience the great outdoors, which started right before the pandemic, and he expects that trend to continue in the future.
“Over 10 million households camped for the first time in 2020, and we are tracking toward another estimated 4.3 million households to have their first camping experience in 2021,” Happe says. “In addition to first timers, a new wave of engaged enthusiasts, especially millennials and younger generations, are investing more of their time and income in the outdoor lifestyle.”
For the fourth quarter, Winnebago finished with a profit of $84.1 million, a 98% increase compared to $42.5 million in the fourth quarter last year for the manufacturer of Winnebago, Grand Design, and Newmar recreational vehicles as well as Chris-Craft and Barletta boats.
(By Bob Fisher, KRIB, Mason City)