Winnebago Industries, Inc. (NYSE:WGO) reached for the skies Wednesday on the release of quarterly figures
The company, based in Forest City, Iowa, reported first-quarter revenues for were $493.6 million, an increase of 9.7% compared to $450.0 million for the Fiscal 2018 period.
Gross profit was $71.0 million, an increase of 13.0% compared to $62.8 million for the Fiscal 2018 period. Gross profit margin increased 40 basis points in the quarter, driven by favorable business mix due to the strong growth in the Towable segment and improved margins in the Motorhome segment.
Operating income was $32.6 million for the quarter, an increase of 4.6% compared to $31.2 million in the first quarter of last year. Fiscal 2019 first quarter net income was $22.2 million, an increase of 23.4% compared to $18.0 million in the same period last year.
Earnings per diluted share were $0.70, an increase of 22.8% compared to earnings per diluted share of $0.57 in the same period last year.
Said CEO Michael Happe, "We are very pleased with the strong start to our Fiscal Year 2019, resulting from our upward momentum within the North American RV business and the positive integration of our new marine division.
"Sales growth remained robust as we continued to take overall retail market share on the RV side, and we were successful in expanding margins during the quarter, primarily driven by the continued profitability recovery within our Motorhome segment."
Shares leaped $1.39, or 6.9%, to $21.35
