Fiscal year 2022 was a record year for Winnebago Industries, with the company reporting revenues of $5 billion during the year, a nearly 37% increase from the $3.6 billion during the same period of a year ago. It credited the increase to its recent acquisition of Barletta – which impacted its revenues in its marine division – along with what it called “pricing actions” as well as continued strong demand for its products.
Winnebago’s net income for the year was $390.6 million, an increase of 39% compared to $281.9 million the prior year.
Revenues for the Fiscal 2022 fourth quarter ended August 27, 2022, were $1.2 billion, an increase of 13.8% compared to $1.0 billion for the Fiscal 2021 period. Net income in the quarter was $82.6 million, a decrease of 1.8% compared to $84.1 million in the prior year quarter.
“Winnebago Industries capped off a record year in Fiscal 2022 with solid fourth quarter results. Our leading premium outdoor brands, distinguished by the golden threads of quality, innovation, and service, continue to resonate with our increasingly diverse outdoor recreation consumer base,” said Michael Happe, president and CEO. “We made important market advances in both the RV and marine industries, operating well in a volatile macroeconomic environment. I want to thank our entire Winnebago Industries team for their excellence in driving record gross margins and operating income, having successfully navigated supply chain disruptions and cost input inflation. Their efforts enabled our ability to return record cash to our shareholders during the year as well. While we expect uncertain market conditions to persist into our Fiscal 2023, we are confident that our transformed and evolving business platform positions us for continued success into the future.”
Looking at the RV side of the business, revenues for the towables segment of the business were $2.6 billion, up more than 29% over fiscal 2021. On the motorhome side, revenues were $1.9 billion, more than 24% year-over-year.
“Looking ahead, our focused strategic priorities, strong premium brands, more diversified set of revenue streams, operational discipline, and especially our people will enable us to win in the marketplace, remain agile, and deliver robust profitability as we continue to chart our course through the next year,” Happe said. “Winnebago Industries is entering Fiscal 2023 from a position of competitive and financial strength, and will be extremely flexible in balancing strategic investments in profitable growth opportunities and managing our balance sheet with responsibility. We look forward to showcasing our strategic progress and intentions, along with a future outlook on our business and industries at our upcoming investor day on Nov. 15, 2022.”