Contact: Ashis Bhattacharya - Investor Relations - 952-828-8414 - email@example.com
Media Contact: Sam Jefson - Public Relations Specialist - 641-585-6803 - firstname.lastname@example.org
WINNEBAGO INDUSTRIES ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2017 RESULTS
-- Quarterly Revenues Increased 73% and Full Year Revenues Increased 59% on Strong Towable Segment Growth --
-- Quarterly EPS of $0.79 and Full Year EPS of $2.32, Up 61% and 38%, Respectively, over Prior Year --
-- Gross Margins Increased 410 Basis Points in Fourth Quarter and 280 Basis Points in Full Year --
-- Board Approved Quarterly Cash Dividend of $0.10 per Share and $70 Million Share Repurchase Authorization --
FOREST CITY, IOWA, October 19, 2017 - Winnebago Industries, Inc. (NYSE:WGO), a leading United States recreation vehicle manufacturer, today reported financial results for the Company's fourth quarter and full year Fiscal 2017.
Fourth Quarter Fiscal 2017 Results
Revenues for the Fiscal 2017 fourth quarter ended August 26, 2017, were $454.9 million, an increase of 72.8% compared to $263.3 million for the Fiscal 2016 period. Gross profit was $73.6 million, an increase of 130.9% compared to $31.9 million for the Fiscal 2016 period. Gross profit margin increased 410 basis points, primarily driven by the favorable mix from the accelerated growth in the more profitable Towable segment. Operating income was $43.5 million for the current quarter, an improvement of 130.2% compared to $18.9 million in the fourth quarter of last year. Fiscal 2017 fourth quarter net income was $24.9 million, or $0.79 per diluted share, an increase of 89.6% compared to $13.1 million, or $0.49 per diluted share, in the same period last year. Consolidated Adjusted EBITDA was $47.8 million for the quarter, compared to $18.1 million last year, an increase of 163.4%.
President and Chief Executive Officer Michael Happe commented, “We made significant progress in Fiscal 2017 to transform Winnebago Industries into a larger, more profitable outdoor lifestyle company offering a full line of RVs. We continue to deliver robust sales growth and gross margin improvements, driven largely by the strong performance of our Grand Design division and the organic growth in our Winnebago-branded Towable division. On the Motorized side, our results reflect our strategic direction of repositioning and simplifying our product line, but also the changing trends of the Motorized buyer to more affordable Class A and Class C motorhomes. Our work to streamline and reinvigorate our Motorized product line is an active priority. We are excited about the changes we are making to all of our product offerings, design processes, and manufacturing environments across the Company. Thanks to the overall balance in our portfolio, we continue to report strong improvements in our financial results and key financial metrics. Our cash flow has been very strong which allowed us to pay down our debt ahead of schedule with total debt reduction of $69.0 million since the end of the first quarter. I want to thank all our Winnebago Industries employees for their hard work over the year and their continued dedication to providing our customers with an extraordinary experience and strengthening our Company overall.”
The following information was filed by Winnebago Industries Inc (WGO) on Thursday, October 19, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.