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Winnebago (WGO) Q4 Earnings Beat Mark, Backlog Jumps Y/Y

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Winnebago Industries, Inc. WGO reported fourth-quarter fiscal 2021 (ended Aug 28, 2021) adjusted earnings per share of $2.57, surpassing the Zacks Consensus Estimate of $1.98 and surging 77.2% year over year. This outperformance can be attributed to higher-than-anticipated revenues across both Towable and Motorhome segments.

This recreational vehicle maker reported revenues of $1,036 million for the quarter under review, outpacing the Zacks Consensus Estimate of $943 million. Further, the top line grew 40.4% year over year.

Winnebago Industries, Inc. Price, Consensus and EPS Surprise

Winnebago Industries, Inc. Price, Consensus and EPS Surprise
Winnebago Industries, Inc. Price, Consensus and EPS Surprise

Winnebago Industries, Inc. price-consensus-eps-surprise-chart | Winnebago Industries, Inc. Quote

Segmental Performance

Revenues in the Towable segment for the reported quarter soared 35.3% year over year to $560 million, primarily on solid consumer demand for Grand Design and Winnebago branded products. The reported figure also topped the consensus mark of $543 million. Quarterly adjusted EBITDA rose 36% year on year to $83.4 million, courtesy of favorable pricing and operational discipline. The metric also beat the consensus mark of $73 million. Backlog in the segment amounted to $1,704.4 million (46,590 units), up a whopping 127.9% year over year.

For the reported quarter, revenues in the Motorhome segment improved 48.7% year over year to $448.9 million, thanks to strong demand for Newmar and Winnebago branded products. The revenue figure also surpassed the Zacks Consensus Estimate of $405 million. The segment recorded an EBITDA of $50.4 million, skyrocketing 159.1% year over year. Also, the segment’s backlog was $2,303.5 million (18,254 units), which jumped 119.1% year on year, highlighting surging consumer demand during the reported quarter.

Financials

Winnebago — whose peers include Thor Industries THO, REV Group, Inc. REVG, and LCI Industries LCII — had cash and cash equivalents of $434.6 million as of Aug 28, 2021, up from $292.6 million on Aug 29, 2020. Long-term debt (excluding current maturities) totaled $528.6 million, slightly up from $512.6 million recorded on Aug 29, 2020.

During the quarter under review, Winnebago repurchased shares of $35.4 million. In fiscal 2021, the Zacks Rank #2 (Buy) firm returned $61.6 million to shareholders via dividends ($16.2 million) and buybacks ($45.4 million). Last week, Winnebago boosted shareholder value with the authorization of an additional $200 million of stock buyback. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


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