Winnebago Industries, Inc. (NYSE: WGO) headed into Wednesday’s session amid earnings reports before the opening bell.
The company, based in Forest City, Iowa, said revenues for the Fiscal 2018 first quarter ended November 25, 2017, were $450.0 million, an increase of 83.5% compared to $245.3 million for the Fiscal 2017 period, which included three weeks of Grand Design RV performance.
Gross profit was $62.8 million, an increase of 117.6% compared to $28.9 million for the Fiscal 2017 period. Gross profit margin increased 220 basis points in the quarter, driven by the continuation of accelerated growth in the more profitable Towable segment.
Operating income was $31.2 million for the quarter, an improvement of 69.4% compared to $18.4 million in the first quarter of last year. Fiscal 2018 first quarter net income was $18.0 million, an increase of 53.0% compared to $11.7 million in the same period last year.
Earnings per diluted share were $0.57, an increase of 36% compared to earnings per diluted share of $0.42 in the same period last year.
Consolidated Adjusted EBITDA was $35.4 million for the quarter, compared to $14.7 million last year, an increase of 141.2%.
President and Chief Executive Officer Michael Happe commented, "As we begin Fiscal 2018, we’re pleased with our consolidated results, including continued robust sales growth and margin improvement, as well as further progress toward becoming a larger, more profitable full-line RV provider centered around our two leading brands, Winnebago and Grand Design RV.
"Our results reflect a transformed portfolio and focused dual-brand strategy that positions us to drive increasing market share and profitability, balancing our Motorized business with a fast-growing Towable segment."
Shares in Winnebago dwindled $2.65, or 4.6%, to $54.75 mid-morning Wednesday.
