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Winnebago (WGO) Q4 Earnings Top Estimates & Sales Miss, Up Y/Y
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Winnebago (WGO - Free Report) reported adjusted earnings of $3.02 per share in fourth-quarter fiscal 2022 (ended Aug 27, 2022). The bottom line topped the Zacks Consensus Estimate of $2.99 a share and rose 14% year over year. This outperformance can be attributed to higher-than-anticipated revenues and pre-tax income from the Motorhome and Marine segments. However, this recreational vehicle (RV) maker reported revenues of $1,179.1 million in the quarter under review, missing the Zacks Consensus Estimate of $1,197.3 million. Nonetheless, the top line grew 14% year over year.
Winnebago Industries, Inc. Price, Consensus and EPS Surprise
Revenues in the Towable segment in the reported quarter fell 11.8% year over year to $494.2 million, primarily led by a decline in unit volume. The reported figure also missed the consensus mark of $647 million. The total deliveries from the segment came at 10,464 units, decreasing 33.2% year over year and missing the consensus metric of 17,171 units. Quarterly adjusted EBITDA declined 36.2% to $53.2 million, reflecting higher material and component costs and deleverage. The figure missed the consensus mark of $101 million. The segment’s backlog was $576.5 million (14,588 units), decreasing 66.2% due to normalized dealer inventories. The figure missed the consensus metric of $1,155 million.
In the reported quarter, revenues in the Motorhome segment improved 23.8% year over year to $555.8 million on strong unit sales and pricing actions. The revenues also outpaced the Zacks Consensus Estimate of $453 million. The total deliveries from the segment came at 3,291 units, increasing 10.9% year over year and crossing the consensus metric of 2,812 units. The segment recorded an EBITDA of $77.4 million, jumping 53.4% led by pricing actions and production efficiencies. The figure surpassed the consensus mark of $54 million. The backlog was $1,687.6 million (12,024 units), down 26.7% from the prior year on increased dealer inventories and missed the consensus mark of $3,549 million.
In the reported quarter, revenues in the Marine segment were $122.1 million, skyrocketing 631.9% year over year, largely driven by the Barletta buyout. The metric also topped the consensus mark of $100 million. The total deliveries from the segment came at 1,580 units, ballooning 1,803.6% year over year and surpassing the consensus metric of 1,371 units. The segment recorded an EBITDA of $17.5 million, shooting up 944.5% year over year and exceeding the consensus metric of $14.17 million. The backlog for the Marine segment was $314.7 million (3,595 units), soaring 169.2%.
Financials
Winnebago had cash and cash equivalents of $282.2 million as of Aug 27, 2022, down from $434.6 million on Aug 28, 2021. The long-term debt (excluding current maturities) increased to $545.9 million from $528.6 million recorded on Aug 28, 2021.
During the quarter under review, it approved a dividend of 27 cents a share, paid on Sep 28, 2022, to shareholders of record at the close of business on Sep 14, 2022. Also, during the reported quarter, Winnebago approved a new share buyback authorization of up to $350 million of the company’s common stock. The new buyback replaces the previous $200 million program that was fully depleted with $80.1 million share buyback completed in the fourth quarter of fiscal 2022.
Cummins has an expected earnings growth rate of 18.3% for the current year. The Zacks Consensus Estimate for CMI’s current-year earnings has been revised 0.23% upward in the past 30 days.
CarParts has an expected earnings growth rate of 45% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant over the past 30 days.
Dorman has an expected earnings growth rate of 10.1% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant over the past 30 days.
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Winnebago (WGO) Q4 Earnings Top Estimates & Sales Miss, Up Y/Y
Winnebago (WGO - Free Report) reported adjusted earnings of $3.02 per share in fourth-quarter fiscal 2022 (ended Aug 27, 2022). The bottom line topped the Zacks Consensus Estimate of $2.99 a share and rose 14% year over year. This outperformance can be attributed to higher-than-anticipated revenues and pre-tax income from the Motorhome and Marine segments. However, this recreational vehicle (RV) maker reported revenues of $1,179.1 million in the quarter under review, missing the Zacks Consensus Estimate of $1,197.3 million. Nonetheless, the top line grew 14% year over year.
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 in the reported quarter fell 11.8% year over year to $494.2 million, primarily led by a decline in unit volume. The reported figure also missed the consensus mark of $647 million. The total deliveries from the segment came at 10,464 units, decreasing 33.2% year over year and missing the consensus metric of 17,171 units. Quarterly adjusted EBITDA declined 36.2% to $53.2 million, reflecting higher material and component costs and deleverage. The figure missed the consensus mark of $101 million. The segment’s backlog was $576.5 million (14,588 units), decreasing 66.2% due to normalized dealer inventories. The figure missed the consensus metric of $1,155 million.
In the reported quarter, revenues in the Motorhome segment improved 23.8% year over year to $555.8 million on strong unit sales and pricing actions. The revenues also outpaced the Zacks Consensus Estimate of $453 million. The total deliveries from the segment came at 3,291 units, increasing 10.9% year over year and crossing the consensus metric of 2,812 units. The segment recorded an EBITDA of $77.4 million, jumping 53.4% led by pricing actions and production efficiencies. The figure surpassed the consensus mark of $54 million. The backlog was $1,687.6 million (12,024 units), down 26.7% from the prior year on increased dealer inventories and missed the consensus mark of $3,549 million.
In the reported quarter, revenues in the Marine segment were $122.1 million, skyrocketing 631.9% year over year, largely driven by the Barletta buyout. The metric also topped the consensus mark of $100 million. The total deliveries from the segment came at 1,580 units, ballooning 1,803.6% year over year and surpassing the consensus metric of 1,371 units. The segment recorded an EBITDA of $17.5 million, shooting up 944.5% year over year and exceeding the consensus metric of $14.17 million. The backlog for the Marine segment was $314.7 million (3,595 units), soaring 169.2%.
Financials
Winnebago had cash and cash equivalents of $282.2 million as of Aug 27, 2022, down from $434.6 million on Aug 28, 2021. The long-term debt (excluding current maturities) increased to $545.9 million from $528.6 million recorded on Aug 28, 2021.
During the quarter under review, it approved a dividend of 27 cents a share, paid on Sep 28, 2022, to shareholders of record at the close of business on Sep 14, 2022. Also, during the reported quarter, Winnebago approved a new share buyback authorization of up to $350 million of the company’s common stock. The new buyback replaces the previous $200 million program that was fully depleted with $80.1 million share buyback completed in the fourth quarter of fiscal 2022.
Zacks Rank & Key Picks
WGO currently has a Zacks Rank #4 (Sell).
Some better-ranked players in the auto space are Cummins Inc. (CMI - Free Report) , CarParts.com (PRTS - Free Report) and Dorman Products (DORM - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Cummins has an expected earnings growth rate of 18.3% for the current year. The Zacks Consensus Estimate for CMI’s current-year earnings has been revised 0.23% upward in the past 30 days.
CarParts has an expected earnings growth rate of 45% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant over the past 30 days.
Dorman has an expected earnings growth rate of 10.1% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant over the past 30 days.