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Winnebago Reverses on Q4 Beat

Winnebago Industries Inc (NYSE:WGO) reported fourth-quarter FY21 sales growth of 40.4% year-on-year, to $1.04 billion, beating the analyst consensus of $958.3 million.

Towable segment revenue grew 35.3% Y/Y to $560 million, driven by unit growth due to the strong end consumer demand and increased pricing across the segment. Motorhome revenue of $448.9 million increased 48.7% Y/Y, driven by an increase in Class B and Class A unit sales and pricing across the segment.

Gross profit increased 52% Y/Y to $187.2 million, and gross profit margin expanded 150 basis points Y/Y to 18.1%.

The operating margin was 11.5%, and operating income for the quarter rose 75.4% to $120 million. Adjusted EBITDA increased 68.6% to $129 million.

Adjusted EPS of $2.57 beat the analyst consensus of $2.01.

Winnebago’s cash and equivalents totaled $434.6 million as of August 28, 2021, and it generated $237.3 million in operating cash flow for the full year.

Winnebago’s Towable segment backlog increased 87% Y/Y to 46,590 units amounting to $1.7 billion. Motorhome segment Backlog increased to $2.3 billion, up 119.1% over the prior year.

According to CEO Michael Happe, "Winnebago Industries delivered a strong fourth quarter to finish a record Fiscal 2021. The new heights we were able to achieve in revenues and profitability demonstrate the unique strength and appeal of our growing platform of leading brands.

"Our resilient and focused team continues to successfully manage through a growing backlog and supply chain challenges while driving tremendous preferences for our premium outdoor lifestyle products."

WGO shares slumped $1.22, or 1.7%, at $71.02 first thing Wednesday.