Winnebago reports 68 percent earnings bump, shares the love
Winnebago Industries Inc. today reported fiscal third-quarter net income of $32.5 million, a nearly 68 percent increase from $19.4 million in the same period last year. Revenues for the latest quarter ended May 26 were $562.3 million, up 18 percent from the year-ago quarter. Today’s earnings report, which easily beat analyst estimates, drove the stock price up 12.4 percent by midday. “Winnebago Industries delivered strong top and bottom-line growth, margin expansion and market share gains in the quarter,” said Michael Happe, president and CEO. “New product performance, our evolving portfolio mix, and agility in managing cost pressures all contributed nicely to our third quarter results.” During the past quarter, Winnebago used a portion of its tax reform benefit for employee bonuses and making a contribution to its foundation, leading to a one-time expense of $3.4 million, or 11 cents per share, net of tax. Read a previous story about Winnebago’s performance in 2017 here.