Winnebago Industries, Inc. (NYSE:WGO) gained ground on stock markets Monday, following quarterly figures release.
The company, based in Forest City, Iowa, revealed second-quarter revenues were $432.7 million, a decrease of 7.6% compared to $468.4 million for the Fiscal 2018 period. Gross profit was $66.4 million, a decrease of 1.8% compared to $67.7 million for the Fiscal 2018 period.
Gross profit margin increased 100 basis points in the quarter, driven by revenue mix, pricing and Motorhome segment operational improvements, partially offset by inflationary cost pressures and heightened dealer incentives. Operating income was $28.9 million for the quarter, a decrease of 18.0% compared to $35.3 million in the second quarter of last year, driven primarily by the decline in RV unit sales.
Fiscal 2019 second-quarter net income was $21.6 million, a decrease of 2.2% compared to $22.1 million in the same period last year. Earnings per diluted share were $0.68, a decrease of 1.4% compared to earnings per diluted share of $0.69 in the same period last year. Net income and earnings per share were favorably impacted by discrete tax items totaling $2.5 million, or $0.08.
CEO Michael Happe commented, "Our solid consolidated second quarter results represent the growing strength of our brands in the marketplace.
"We continued to make progress advancing our competitive position, gaining market share and increasing the overall appeal of our products with customers, despite challenging macro conditions within the RV industry as dealers continued to reduce their overall inventory levels in the quarter."
Shares picked up 69 cents, or 2.4%, to $29.82
