Winnebago revenues up, earnings down
Winnebago Industries Inc. today released earnings figures for its fiscal fourth quarter and full 2015 fiscal year. The Forest City-based manufacturer reported revenue for its fiscal fourth quarter ended Aug. 29 of $251 million, an increase of 2.1 percent. Fourth-quarter net income was $11.7 million, or 43 cents per share, versus $12.9 million, or 48 cents per share, in the same period last year. Year-over-year revenue growth in the fourth quarter was driven by improved towables revenues of 36.7 percent, as a result of a 26.3 percent average selling price increase and unit growth of 7.5 percent. Compared with last year, fourth-quarter motorized unit shipment volumes were essentially flat. The company announced earlier this week that it will exit its bus and aluminum extrusion operations in fiscal 2016 in a move to improve profitability and add production capacity for its higher-margin motor home business. Fiscal 2015 revenues were $976.5 million, an increase of 3.3 percent from fiscal 2014; full-year net income was $41.2 million, down 8.6 percent. The company’s board of directors approved an 11 percent increase to the quarterly cash dividend to 10 cents per share.