Winnebago Industries today posted record revenues and RV market share gains in the company’s fiscal 2022 first quarter report.
Revenues for the quarter ended Nov. 27 were a record $1.2 billion, a 45.7 percent increase compared to $793.1 million for the fiscal 2021 period. Revenues excluding the recently acquired marine business Barletta were $1.1 billion, representing an organic growth rate of 37.5 percent over the prior year period, driven by continued strong consumer demand and pricing increases related to current and anticipated higher material and component costs. Gross profit was $229.4 million, an increase of 67.4 percent compared to $137 million for the fiscal 2021 period.
“Winnebago Industries’ strong first quarter performance builds on our sustained momentum and continues to demonstrate the remarkable growth and profitability our expanded portfolio of premier outdoor lifestyle brands can deliver,” said CEO and President Michael Happe. “Our golden threads of quality, service and innovation continued to differentiate our brands, driving continued market share gains across our portfolio. As of October 2021, our RV retail market share is 13.3 percent, reflecting an increase of 1.3 share points over the same period last year, on a trailing three-month basis per Statistical Surveys Inc.”
Fiscal 2022 first quarter net income, which includes $6.4 million of contingent consideration fair value adjustment related to the Barletta acquisition, was $99.6 million – a 73.5 percent increase compared to $57.4 million in the prior year quarter.
In Winnebago’s towable RV segment, revenues were $651 million for the first quarter, up 43.1 percent over the prior year – primarily driven by unit growth due to strong continued end consumer demand and pricing increases across the segment. The segment’s backlog increased to a record $1.9 billion, up 116.6 percent over the prior year and 10 percent sequentially, due to continued strong consumer demand combined with low levels of dealer inventory and pricing actions.
Revenues for the motorhome segment were $421.5 million for the first quarter, up 30.7 percent from the prior year, driven by an increase in Class B and Class A unit sales, and pricing increases across the segment. The motorhome backlog increased to a record $2.4 billion, up 41.2 percent over the prior year and 4.7 percent sequentially, as dealers continue to experience low levels of dealer inventory and strong consumer demand.
On the marine side, the company said its success was driven by a combination of Chris-Craft, acquired in June 2018, and Barletta, acquired this year on Aug. 31. Revenues for the segment were $79.3 million for the first quarter, an increase of $67.4 million compared to the same period last year.
“In addition to our strong financial results, we bolstered our initiatives that positively impact our communities during the quarter by mobilizing resources through our Winnebago Industries Foundation to support natural disaster relief, employee hardship and dependent scholarship programs,” said Happe, “and announcing a new goal of achieving net-zero greenhouse gas emissions by 2050 as part of joining the Business Ambition for 1.5°C. We recognize that our corporate responsibilities extend outside our organization, and our recently published 2021 Corporate Responsibility Report contains more information on the many ways we are doing work to help people around the globe enjoy outdoor experiences.
“Looking ahead, we anticipate demand for our highly desirable brands to remain elevated, a result of executing our proven strategy of focusing on quality, innovation and service,” he said.
