Welcome to our dedicated page for Winnebago Industries news (Ticker: WGO), a resource for investors and traders seeking the latest updates and insights on Winnebago Industries stock.
Winnebago Industries, Inc. (NYSE: WGO) is a leading manufacturer of recreational vehicles (RVs) and outdoor lifestyle products in the United States. Founded in 1958 and headquartered in Eden Prairie, Minnesota, Winnebago has built a reputation for quality and innovation in the RV industry. The company’s product portfolio includes Class A, B, and C motorhomes, towable travel trailers, fifth-wheel products, transit buses, and specialty vehicles. In recent years, Winnebago has expanded into the marine market with acquisitions such as Chris-Craft in 2018 and Barletta pontoon boats in 2021.
Winnebago Industries is committed to sustainable innovation, recently venturing into electric and autonomous RV technologies. The company has consistently received industry accolades, including the Quality Circle Award from the Recreation Vehicle Dealers Association every year since its inception in 1996.
In fiscal 2023, Winnebago reported approximately $3.5 billion in revenue, with towables making up 79% of total RV unit volume. The company produced a total of 39,447 RV units during this period. Key acquisitions have bolstered its market presence, such as the acquisition of SunnyBrook in 2011 and Grand Design in 2016, which significantly increased the company’s towables segment.
Winnebago’s latest innovations include the new View/Navion featuring the Winnebago Connect digital platform, the EKKO Sprinter, and the Revel with the new Winnebago Power system. These products are designed to offer enhanced off-grid capabilities and modern amenities, meeting the diverse needs of today’s RV enthusiasts.
In addition to RVs, Winnebago is a key player in the specialty vehicle market, providing electric vehicle solutions for mobile medical clinics, blood donation vehicles, and mobile command centers. The company has partnered with industry leaders like Xos, Inc. to bring zero-emission vehicles to market, reinforcing its commitment to sustainability.
For investors, Winnebago Industries offers a well-rounded portfolio and a track record of consistent performance. The company’s common stock is listed on the New York Stock Exchange under the symbol WGO, and options for the stock are traded on the Chicago Board Options Exchange. For more information or to receive company news releases, visit Winnebago Industries Investor Relations.
Winnebago Industries has appointed Jil Littlejohn Bostick as the executive director of the Winnebago Industries Foundation and vice president of corporate responsibility, effective April 1, 2023. In her role, she will guide philanthropy efforts and enhance the company’s diversity, equity, and inclusion initiatives. Bostick's previous experience includes leadership roles in both the corporate and non-profit sectors. Winnebago Industries aims to double its annual charitable giving by the end of fiscal 2025, reflecting its commitment to corporate responsibility and community engagement. The company emphasizes its history of connecting people to the outdoors for over 65 years, aiming to inspire new generations while mobilizing resources for those in need.
Winnebago Industries (NYSE: WGO) subsidiary Chris-Craft has inaugurated a new 70,000 sq. ft. manufacturing facility in Sarasota, Florida, enhancing production capacity by 50% and creating over 200 jobs in the local community. The facility allows Chris-Craft to manufacture six boat models, ranging from 24 to 28 feet. This strategic expansion aims to meet growing customer demand and improve service delivery through enhanced manufacturing capabilities. The project commenced in November 2021 and underscores Chris-Craft’s commitment to quality and craftsmanship.
Chris-Craft has been operating in Sarasota since 1988 and was acquired by Winnebago in 2018.
Winnebago Industries (NYSE: WGO) announced a definitive agreement to acquire Lithionics Battery, advancing its technological capabilities in lithium-ion battery solutions for outdoor products. This strategic move aims to enhance Winnebago's product offerings and supply chain security, particularly in recreational vehicles and specialty vehicles. Lithionics, founded in 2010, specializes in battery systems that provide reliable power for RVs and other applications.
The acquisition is expected to close in Winnebago's third fiscal quarter. Management continuity will be maintained as Lithionics will operate as a wholly owned subsidiary.
Winnebago Industries (NYSE: WGO) reported a 25.6% decline in second quarter revenues for Fiscal 2023, totaling $866.7 million, down from $1.2 billion in the prior year. This decrease was attributed to lower unit volumes, despite price increases across segments. Gross profit fell 32.2% to $146.8 million, with a margin of 16.9%. Net income decreased 42.1% to $52.8 million, translating to earnings per diluted share of $1.52, down from $2.69 year-over-year. While the Marine segment saw a 16.1% revenue increase, the Towable segment experienced a significant 47% drop in revenues.
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