Mike HappeWinnebago Industries has reported financial results for its fourth quarter and full year fiscal 2019, showing a decrease of 1.1 percent, going from $536.2 million to $530.4 million. Gross profit for was $83.2 million, a decrease of 0.8 percent compared to $83.8 million for the fiscal 2018 period.
Fiscal 2019 fourth quarter net income was $31.9 million, an increase of 7 percent, compared to $29.8 million in the same period last year.
“In fiscal year 2019, our team made significant strides in profitably strengthening our core RVs business, while also executing a successful first full year in the marine industry,” said Michael Happe, president and CEO. “Grand Design continues to set the pace within our brand portfolio, producing material market share gains and superlative customer satisfaction. … 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.”
Fiscal 2019 revenues of $1.9 billion decreased 1.5 percent from $2 billion in fiscal 2018 driven by strong growth in the towable segment of 6.2 percent, which was more than offset by a decline in the motorhome segment of 17.9 percent.
Operating income was $155.3 million for fiscal 2019, a decline of 3.2 percent compared to $160.4 million in fiscal 2018. Net income for fiscal 2019 was $111.8 million, an increase of 9.2 percent compared to $102.4 million in fiscal 2018.
Revenues for the towable segment were $307 million for the fourth quarter, up 6.3 percent over the previous year, driven by pricing actions and continued strong organic unit deliveries in the Grand Design RV brand. Backlog decreased 4.3 percent, in dollars, over the previous year period, reflecting the positive impact of utilizing additional capacity added during calendar 2018 and dealers continuing to normalize inventory levels.
For the full year fiscal 2019, revenues for the towable segment were $1.20 billion, up 6.2 percent from fiscal 2018.
In the fourth quarter, revenues for the motorhome segment were $200.7 million, down 12.2 percent from the previous year driven by strength in the Class B line-up which was more than offset by decreases in Class C and Class A.
For the full year fiscal 2019, revenues for the motorhome segment were $706.9 million, down 17.9 percent from fiscal 2018, slightly improved versus the decline of motorhome industry shipments of 21.7 percent.
