Winnebago said sales of its towables – including the Hike – have been red-hot.Forest City, Iowa-based Winnebago Industries has reported revenues for the fourth quarter of fiscal year 2020 of $738 million, an increase of 38 percent from the same period a year ago. Excluding Newmar, which the company acquired in the first quarter of the fiscal year, revenues were $611.5 million, a 15 percent increase compared to a year ago.
Sales of towables were primarily responsible for the increase, the company said. Revenues for the towable segment were $414 million in the quarter, up 35 percent over the prior year, primarily driven by strong consumer demand for outdoor experiences, particularly in Grand Design products.
In the fourth quarter, revenues for the motorhome segment were $302 million, up 50 percent from the prior year, primarily driven by the addition of Newmar.
Fiscal 2020 fourth quarter net income was $42.5 million, an increase of 33 percent compared to $31.9 million in the fourth quarter of last year,
“In the face of the unprecedented impacts of the COVID-19 pandemic, our strong fourth quarter finish to the year was a testament to the incredible resolve of our world-class team, the strength of our portfolio of leading outdoor lifestyle brands, and our efficiency in quickly and safely resuming operations to meet tremendous consumer demand,” said President and CEO Michael Happe. “We added motorized scale through the acquisition of Newmar and continued to grow our RV market share throughout the year by leveraging strong dealer relationships, exciting new products and record consumer interest. “Winnebago Industries also generated expanded margins and stronger cash flows, while delivering a quality product and customer experience in collaboration with our channel partners. Looking ahead, we enter our 2021 fiscal year with four premier brand platforms, strong operational momentum, a record backlog, and the financial flexibility to manage through the ongoing uncertainty in the environment. Our efforts continue to rally around building an extraordinary outdoor lifestyle company, and creating value for our end customers, dealers, employees and shareholders. I want to thank all of our Winnebago Industries employees for their resilience and commitment during these unique times and focusing on giving our customers a safe and memorable experience with our products in the outdoors.”
For the full year, the company reported revenue of $2.4 billion, an 18.6 percent increase from the previous year.
