Winnebago Industries reports its best-ever financial quarter. The outdoor lifestyle products manufacturer — with Iowa factory locations in Forest City, Lake Mills, Charles City and Waverly –reports third-quarter revenues of $1.5 billion, a 52% increase compared to $960.7 million for the same quarter last year.
President and CEO Michael Happe says the record results can be credited to the transformation of the company’s portfolio to include the Grand Design and Newmar recreational vehicle brands as well as Chris-Craft and Barletta boats.
“Today we have five premium outdoor brands, and seven different businesses operating in two large outdoor recreation industries and in multiple market segments that we believe have long-term increasing secular growth potential,” Happe says. “As a more diversified organization, we are driving higher levels of operational excellence internally, which is leading to sustained stronger gross margins, and we continue to deliver tremendous value externally to end-customers centered around our golden threads of quality, innovation and service.”
Happe says the company is better positioned now to deal with the current economic climate. “The unique strength of our brands position Winnebago Industries well to manage component and material cost inflation and manage subsequent margin performance across our segments,” he says. “We fully expect Winnebago Industries’ portfolio to continue gaining consolidated share behind our steadfast commitments to quality, innovation and the customer experience.”
Happe says these are uncertain times as macroeconomic trends weigh on consumers, but he believes the company is ready to weather any storm. “We are prepared to manage our company through any turbulent times in the future, just as we proved agility in managing the extremes of the recent pandemic,” Happe says. “Our production schedules and spending patterns are being scrutinized daily by our teams to align with what we believe is in the best long-term interest of our company and our industries.”
Fiscal 2022 third-quarter net income for the company was $117.2 million, an increase of 64% compared to $71.3 million in the third quarter of 2021.
(By Bob Fisher, KRIB, Mason City)