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Winnebago Industries, Inc. Message Board

  • brock356 brock356 Dec 6, 2012 9:28 PM Flag

    Curious Question for the Board - PLZ read

    I'm new to analyzing this Company but looking at the 10K here....

    1) Wholesale shipments 2012 vs. 2011 - 26,000 vs. 24,800.

    I get it - mobile home industry is booming. It makes a lot of sense with the current foreclosure/housing crisis.

    2) Operating income 2012 vs. 2011 (data in thousands)- $9,256 vs. $11,279.

    Shouldn't operating income be going up? It looks like gross profit increased, which makes sense, but I was hoping someone could explain why this company earned less when they sold more.

    3) Tax situation - anything else in the future going to benefit the Company? It looks like if you remove this one-time tax benefit, the Company earned very little when compared to the stock price. While I don't base any decisions on PE, it looks like the actual operating earnings do not support a share price this high.

    I'm not trying to bash - just trying to understand the Company before making an investment decision. I understand there is significant backlog and demand which is why I am curious. TY in advance if you respond.

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