Winnebago Industries, Inc. (NYSE:WGO) saw its stock take off for the sky, on the release of first-quarter financial figures.
The Forest City, Iowa-based Winnebago reported Friday that revenues for the fiscal 2020 first quarter ended November 30, 2019, were $588.5 million, an increase of 19.2% compared to $493.6 million for the Fiscal 2019 period.
Revenues excluding the recently acquired Newmar business were $552.8 million, representing an organic growth rate of 12.0% over the prior year period driven by strong growth in the Towable segment and modest growth in the Motorhome business.
Gross profit was $78.6 million, an increase of 10.7% compared to $71.0 million for the Fiscal 2019 period. Gross profit margin decreased 100 basis points in the quarter primarily due to a change in mix as a result of the acquisition of Newmar and the impact of the associated purchase accounting.
Operating income was $23.9 million for the quarter, which includes $10.0 million of transaction costs related to the acquisition of Newmar, compared to $32.6 million in the first quarter of last year.
Fiscal 2020 first quarter net income was $14.1 million, a decrease of 36.5% compared to $22.2 million in the same period last year. Reported earnings per diluted share were $0.44, a decrease of 37.1% compared to reported earnings per diluted share of $0.70 in the same period last year.
Shares hiked $4.58, or 9.5%, to $52.72
