Winnebago reports record quarterly revenues and strong RV market share gains

Winnebago Industries has reported very strong third quarter fiscal 2021 results including record quarterly revenues of US$960.7 million – an increase of 138.7 per cent compared to the same period in 2020. Gross profit was US$169.6 million, an increase of 429.6 per cent compared to $32.0 million for the Fiscal 2020 period, driven primarily by increased revenues as a result of the pandemic-driven shutdown of operations for a six-week period in the third quarter of Fiscal 2020.

The American RV giant also reported that its RV market share has continued to grow, rising to 12.5 per cent (+40 basis points) on fiscal year to date basis thru April.

Winnebago Industries President and CEO, Michael Happe, said: “Winnebago Industries’ record fiscal third quarter results continued our sequential growth trajectory, which is a testament to the sustained strength of consumer engagement in the outdoor lifestyle as well as the tremendous appeal of our premium brands. Throughout the quarter, we capitalized on the prime spring selling season to gain share and drive higher consumer engagement, further cultivating our pipeline of lifelong customers. I’m also proud of the Winnebago Industries team who has been able to maintain our commitment to manufacturing excellence amid incredible demand and drive operational leverage that is producing continued, strong profitability. We are very pleased with our results and will maintain our focus on executing our proven strategy to build a differentiated, premier outdoor company and drive long-term value for end customers, dealers, employees and shareholders.”

More detailed information from the results revealed that towable RV revenues were up 194.2 per cent over the prior year period driven by heightened demand for Grand Design and Winnebago branded products. Meanwhile, revenues from motorhomes were up 89.2 per cent from the prior year period with consumer demand for Winnebago and Newmar branded motorhomes the key drivers behind the growth.

Michael Happe added: “As we enter the final quarter of Fiscal 2021, we are pleased with the strength of our business and the unique appeal of our leading brands. We remain focused on working with our suppliers to sustain strong levels of production and with our dealer network to replenish their inventories in the face of record backlog. We are also continuing to invest in our business to ensure we are best positioned to meet the persistent, elevated demand we anticipate in quarters to come, driven by the secular and ongoing growth in outdoor lifestyle products and a positive change in consumer preferences for leisure and family activities. I am also incredibly proud of Winnebago Industries’ unwavering commitment to stewardship of the environment and the communities in which we live and operate. During the quarter, we announced our participation in the United Nations Global Compact – a corporate sustainability initiative designed to advance universal principles on human rights, labour, environment, and anti-corruption – and initiated a partnership with Habitat for Humanity, a global housing non-profit, to support its community-based neighbourhood revitalization efforts. These organizations’ missions are clearly aligned with Winnebago Industries’ values and enable more communities to safely and equitably enjoy the outdoors where they live, work and play.”

Image: Winnebago Industries.

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