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WINNEBAGO INDUSTRIES ANNOUNCES FOURTH QUARTER AND FULL YEAR FISCAL 2019 RESULTS
-- Record Full Year EPS of $3.52, Up 9% as Full Year Gross Margins Grew 60 Basis Points to 15.5% --
-- Strong Full Year Revenues of $2 Billion Reflect Outperformance in RV and Marine Industries --
-- Strong Annual Operating Cash Flow of $133.8 million, Up 61% Over Prior Year --
-- Quarterly and Full Year Towable Segment Revenues Increased 6% --
-- Quarterly Diluted EPS of $1.01 Up 7% as Quarterly Gross Margins Grew 10 Basis Points to 15.7% --
FOREST CITY, IOWA, October 23, 2019 - Winnebago Industries, Inc. (NYSE:WGO), a leading outdoor lifestyle product manufacturer, today reported financial results for the Company's fourth quarter and full year Fiscal 2019.
Fourth Quarter Fiscal 2019 Results
Revenues for the Fiscal 2019 fourth quarter ended August 31, 2019, were $530.4 million, a decrease of 1.1% compared to $536.2 million for the Fiscal 2018 period. Gross profit was $83.2 million, a decrease of 0.8% compared to $83.8 million for the Fiscal 2018 period. Gross profit margin increased 10 basis points to 15.7% in the quarter, driven by favorable segment mix from accelerated growth in the Towable segment. Operating income was $44.8 million for the quarter, a decrease of 2.0% compared to $45.7 million in the fourth quarter of last year. Fiscal 2019 fourth quarter net income was $31.9 million, an increase of 7.0% compared to $29.8 million in the same period last year. Earnings per diluted share were $1.01, an increase of 7.4% compared to earnings per diluted share of $0.94 in the same period last year. Net income and earnings per share were favorably impacted by an improved tax rate resulting from the Tax Cuts and Jobs Act ("TCJA"). Net income and earnings per share were unfavorably impacted by due diligence costs of $0.7 million, or $0.02 earnings per share, related to the Newmar acquisition announced on September 16, 2019. Consolidated Adjusted EBITDA was $50.8 million for the quarter, a decrease of 5.1% compared to $53.6 million last year.
President and Chief Executive Officer, Michael Happe, commented, “In Fiscal Year 2019, our team made significant strides in profitably strengthening our core recreational vehicles business, while also executing a successful first full year in the marine industry. In the face of challenging RV market conditions, we drove increased share in our towables segment and continued to stabilize our motorhome platform with improved products and dealer relationships. We are especially pleased to deliver record profitability for the Company against the headwinds of ongoing tariffs and higher levels of competitive promotional activity in our target markets. Grand Design continues to set the pace within our brand portfolio, producing material market share gains and superlative customer satisfaction. We continue to be excited with the positive progress we are making to transform Winnebago Industries into a premier outdoor lifestyle company, focused on authentic differentiation in the areas of product quality, valued innovation, and superior customer service. Our commitment to building a diversified portfolio of truly premium, iconic brands was recently bolstered with the mid-September announced acquisition of Newmar, the foremost luxury motorhome manufacturer in North America. As always, I want to thank all of our Winnebago Industries employees across each of our brands for their tireless
The following information was filed by Winnebago Industries Inc (WGO) on Wednesday, October 23, 2019 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.