Winnebago reported revenues for the second quarter of $1.2 billion, tying the record set in the first fiscal quarter of 2022. Also, Q2 revenue marked an increase of nearly 39 percent over the second quarter of last year.
Fiscal 2022 second quarter net income was $91.2 million, an increase of 32 percent compared to the $69.1 million in the prior year quarter.
“Winnebago Industries delivered a strong second quarter performance, executing on sustained, elevated consumer demand for our expanded portfolio of premier outdoor lifestyle brands,” said Michael Happe, president and CEO. “Our second quarter performance and record sales results at recent RV and marine trade shows further validate consumers’ embrace of the outdoor lifestyle. Winnebago Industries is capitalizing on that sustained demand – market share gains across our segments are evidence of deep affinity for our brands, which consumers recognize are differentiated due to our continued focus on quality, service and innovation. As of January 2022, our RV retail market share is 14.3 percent on a trailing three-month basis, reflecting an increase of 1.0 share point over the same period last year. In our marine segment, Barletta continued to outperform pro-forma expectations and is now one of the top five pontoon brands as measured by retail market share. The healthy demand environment, and the unique strength of our brands, positioned Winnebago Industries well to take continued pricing actions to offset component and material cost inflation and continue to deliver strong margin performance across our segments.”
During the quarter, revenues for the towable segment were $646.6 million for the second quarter, up 47.2 percent over the prior year, primarily driven by pricing increases across the segment, in addition to unit growth of 13.2 percent as a result of continued, strong consumer demand. Backlog increased to $1.9 billion, up 55.2 percent over the prior year, and flat sequentially, due to continued strong consumer demand and pricing actions.
Revenues for the motorhome segment were $417.6 million for the second quarter, up 9.1 percent from the prior year, primarily driven by pricing increases across the segment. Backlog increased to $2.2 billion, up 21.9 percent over the prior year and down $0.2 billion sequentially, as dealers continue to experience low levels of motorized inventory and strong consumer demand.
“Winnebago Industries is leading our industry in innovating for the future of the outdoor lifestyle experience,” Happe said. “In the second quarter, we unveiled the e-RV concept vehicle, an entirely new, all-electric, zero-emission RV, developed by our Advanced Technology Group, that moves to meet the environmental and sustainability goals that Winnebago Industries has set, as well as the growing consumer demand for electric power applications. We are proud to continue our legacy of innovation and explore new frontiers in outdoor lifestyle products. Looking ahead, our world-class team remains committed to operational excellence, and working closely with our dealer partners to replenish their inventories. We are confident that Winnebago Industries has continued headroom for sustained market share gains and profitable growth across our portfolio, leading to enhanced value creation for our end consumers, dealers, employees and shareholders.”