Winnebago Industries, Inc. ( WGO Quick Quote WGO - Free Report) reported first-quarter fiscal 2021 (ended Nov 28, 2020) adjusted earnings per diluted share of $1.69, surpassing the Zacks Consensus Estimate of earnings of $1.03. This outperformance can be attributed to the higher-than-anticipated adjusted EBITDA from the company’s Towable and Motorhome segments. Adjusted EBITDA from the Towable and Motorhome segments came in at $63.1 million and $30.3 million, respectively, beating the Zacks Consensus Estimate of $44.75 million and $22 million. The bottom line compares favorably with the year-ago earnings of 73 cents per share, marking a year-over-year surge of 131.5%. This recreational vehicle (RV) maker registered revenues of $793.1 million during the reported quarter, handily beating the Zacks Consensus Estimate of $742 million. Moreover, the top line recorded a 34.8% year-over-year jump. The firm reported an operating income of $85 million compared with the year-ago income of $23.9 million, skyrocketing 255.8% year on year. Segmental Performance
Revenues in the Towable segment for the reported quarter climbed 33.3% year over year to $454.9 million primarily on solid consumer demand for Grand Design and Winnebago products. The reported figure also topped the consensus mark of $402 million. Quarterly adjusted EBITDA was up 76.5% year on year to $63.1 million.
Moreover, backlog in the segment increased to $865.4 million, up a whopping 256.4%, year over year, reflecting skyrocketing consumer demand during the fiscal first quarter. During the reported quarter, revenues in the Motorhome segment improved 42.7% year over year to $322.4 million on the Newmar buyout and stellar Class B product sales. The revenue figure, however, marginally lagged the Zacks Consensus Estimate of $324 million. Nonetheless, excluding the impact of the acquisition, revenues increased 7% from the prior-year period. The segment recorded an EBITDA of $30.3 million, significantly up from the year-ago quarter’s EBITDA by 225.2%. Also, the segment’s backlog increased to $1.7 billion, skyrocketing 344.9%, year on year, highlighting surging consumer demand during the reported quarter. Costs, Financials and Dividend
Selling, general and administrative expenses for the fiscal first quarter dropped to $48.4 million from the prior-year quarter’s $51.1 million.
Winnebago had cash and cash equivalents of $272.9 million as of Nov 28, 2020, down from the $292.6 million as of Aug 29, 2020. Long-term debt (excluding current maturities) totaled $516.5 million, slightly up from the $512.6 million recorded on Aug 29, 2020. The firm announced a quarterly cash dividend of 12 cents per share payable on Jan 27, 2021 to shareholders of record as of Jan 13, 2021. Zacks Rank & Other Stocks to Consider
Winnebago currently flaunts a Zacks Rank #1 (Strong Buy). Shares of the company have appreciated 18.3%, year to date, while the industry has witnessed a rise of 17.1%.
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