FOREST CITY, Iowa (AP) -- Winnebago's net income nearly doubled in the third quarter as the entire RV industry rebounds strongly from a dismal few years of sales.
For the period ended June 1, Winnebago earned $7.7 million, or 27 cents per share. That compares with $3.9 million, or 13 cents per share, a year ago.
Winnebago's profits have grown particularly quickly as the company pares back on the incentives it had to ladle out during the recession to clear inventory.
The RV industry was hammered when the economy melted down, and sales were cut in half between 2007 and 2009. Tens of thousands of worker were laid off. Hiring has begun to pick up, along with demand and revenue.
Winnebago has had a sputtering rebound since it posted an annual loss of almost $79 million in 2009. But it wasn't until last summer that the Forest City, Iowa, company began to see consistent growth again.
And the recovery has been rapid.
Chairman and CEO Randy Potts said Winnebago had the best shipment quarter in more than five years and that it is still seeing its sales order backlog climb.
Revenue jumped 40 percent to $218.2 million from $155.7 million.
Shares of Winnebago Industries Inc. surged $1.24, or 5.9 percent, to $22.20 before the market opened.