Winnebago Industries Announces Strong Fourth Quarter and Full Year Fiscal 2020 Results
Winnebago Industries reported a strong performance in its fourth quarter of Fiscal 2020, with revenues reaching $737.8 million, a 39.1% increase year-over-year, driven by robust consumer demand. The acquisition of Newmar contributed $126.3 million in revenue. The diluted EPS stood at $1.25, marking a 23.8% increase, while adjusted EPS rose 45.0% to $1.45. Full year revenues totaled $2.4 billion, up 18.6%, although net income dipped 45.0% due to COVID-19 impacts.
- Fourth quarter revenues up 39.1% YoY to $737.8 million.
- Diluted EPS increased 23.8% to $1.25; adjusted EPS up 45.0% to $1.45.
- Cash flow from operations rose 102.2% to $270.4 million.
- Record backlog of $1.1 billion, reflecting strong consumer demand.
- Full year net income decreased 45.0% to $61.4 million due to COVID-19 impacts.
- Fiscal 2020 revenue excluding Newmar was roughly flat compared to Fiscal 2019.
-- RV Market Share Gains Continue --
-- Quarterly Revenues Up
-- Fourth Quarter Gross Margin Expansion of 90 Basis Points --
-- Reported Quarterly Diluted EPS of
-- Cash Flow From Operations of
FOREST CITY, Iowa, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading outdoor lifestyle product manufacturer, today reported financial results for the Company's fourth quarter and full year Fiscal 2020.
Fourth Quarter Fiscal 2020 Results
Revenues for the Fiscal 2020 fourth quarter ended August 29, 2020, were
President and Chief Executive Officer Michael Happe commented, “In the face of the unprecedented impacts of the COVID-19 pandemic, our strong fourth quarter finish to the year was a testament to the incredible resolve of our world-class team, the strength of our portfolio of leading outdoor lifestyle brands, and our efficiency in quickly and safely resuming operations to meet tremendous consumer demand. We added motorized scale through the acquisition of Newmar and continued to grow our RV market share throughout the year by leveraging strong dealer relationships, exciting new products and record consumer interest. Winnebago Industries also generated expanded margins and stronger cash flows, while delivering a quality product and customer experience in collaboration with our channel partners. Looking ahead, we enter our 2021 fiscal year with four premier brand platforms, strong operational momentum, a record backlog, and the financial flexibility to manage through the ongoing uncertainty in the environment. Our efforts continue to rally around building an extraordinary outdoor lifestyle company, and creating value for our end customers, dealers, employees and shareholders. I want to thank all of our Winnebago Industries employees for their resilience and commitment during these unique times and focusing on giving our customers a safe and memorable experience with our products in the outdoors."
Full Year Fiscal 2020 Results
Fiscal 2020 revenues of
Towable Fourth Quarter and Full Year Fiscal 2020 Results
Revenues for the Towable segment were
For the full year Fiscal 2020, revenues for the Towable segment were
Motorhome Fourth Quarter and Full Year Fiscal 2020 Results
In the fourth quarter, revenues for the Motorhome segment were
For the full year Fiscal 2020, revenues for the Motorhome segment were
Balance Sheet and Cash Flow
As of August 29, 2020, the Company had total outstanding debt of
Quarterly Cash Dividend
On August 19, 2020, the Company’s board of directors approved a quarterly cash dividend of
Mr. Happe continued, “As we look ahead to Fiscal 2021, we are encouraged by the ongoing outdoor recreation demand trends we are experiencing. We have built a strong and growing position in the RV market, and our customers continue to view all our brands as a trusted and safe way to have extraordinary experiences as they travel, live, work, and play in the outdoors. I’m incredibly proud of the progress we have made over the last several years expanding Winnebago Industries' portfolio while simultaneously enhancing the quality of our product lineup and service levels and the profitability we are able to achieve. During fiscal year 2020, we continued to expand our family of outstanding brands with the acquisition of Newmar, and when combined with our Winnebago, Grand Design RV, and Chris-Craft brands, we believe we have four of the most respected brands in the outdoors industry. We have expanded our leadership team capabilities as well in the past year, through the acquisition of Newmar and also through adding new talent to the team in Huw Bower to lead our Winnebago Outdoors business, as announced at the end of September. Going forward, we are committed to managing our Company in a highly disciplined fashion so that we are best positioned to build on our momentum in the marketplace, capture the numerous opportunities we believe lie ahead and deliver further value to the customers and communities we serve. Finally, Fiscal 2020 also marks an inflection point in our efforts to improve on our corporate responsibility obligations. It is our strong intention that through these initiatives, our Winnebago Industries team will emerge as an even stronger leader in our communities, and in so doing, will make a meaningful contribution to an improvement in the many dimensions of social justice.”
Conference Call
Winnebago Industries, Inc. will discuss fourth quarter and full year Fiscal 2020 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.
About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, and Newmar brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds quality motorhomes, travel trailers, fifth wheel products and boats. Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company's common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain. A number of factors could cause actual results to differ materially from these statements, including, but not limited to increases in interest rates, availability of credit, low consumer confidence, availability of labor, significant increase in repurchase obligations, inadequate liquidity or capital resources, availability and price of fuel, a slowdown in the economy, increased material and component costs, availability of chassis and other key component parts, sales order cancellations, slower than anticipated sales of new or existing products, new product introductions by competitors, the effect of global tensions, integration of operations relating to mergers and acquisitions activities, business interruptions, any unexpected expenses related to enterprise resource planning, impacts of public health crises, such as COVID-19, risks related to compliance with debt covenants and leverage ratios, cyber-attacks, and other factors. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or from the Company upon request. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)
| Three Months Ended | |||||||||||||||
| (in thousands, except percent and per share data) | August 29, 2020 | August 31, 2019 | |||||||||||||
| Net revenues | $ | 737,807 | 100.0 | % | $ | 530,396 | 100.0 | % | |||||||
| Cost of goods sold | 615,298 | 83.4 | % | 447,208 | 84.3 | % | |||||||||
| Gross profit | 122,509 | 16.6 | % | 83,188 | 15.7 | % | |||||||||
| Selling, general, and administrative expenses | 50,521 | 6.8 | % | 35,992 | 6.8 | % | |||||||||
| Amortization of intangible assets | 3,590 | 0.5 | % | 2,431 | 0.5 | % | |||||||||
| Total operating expenses | 54,111 | 7.3 | % | 38,423 | 7.2 | % | |||||||||
| Operating income | 68,398 | 9.3 | % | 44,765 | 8.4 | % | |||||||||
| Interest expense | 14,321 | 1.9 | % | 4,646 | 0.9 | % | |||||||||
| Non-operating income | (514 | ) | (0.1 | )% | (251 | ) | — | % | |||||||
| Income before income taxes | 54,591 | 7.4 | % | 40,370 | 7.6 | % | |||||||||
| Provision for income taxes | 12,132 | 1.6 | % | 8,502 | 1.6 | % | |||||||||
| Net income | $ | 42,459 | 5.8 | % | $ | 31,868 | 6.0 | % | |||||||
| Income per common share: | |||||||||||||||
| Basic | $ | 1.26 | $ | 1.01 | |||||||||||
| Diluted | $ | 1.25 | $ | 1.01 | |||||||||||
| Weighted average common shares outstanding: |
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FAQ
What were Winnebago's fourth quarter earnings results for Fiscal 2020?
Winnebago reported fourth quarter revenues of $737.8 million, a 39.1% increase YoY, with diluted EPS at $1.25.
How did the acquisition of Newmar affect Winnebago's revenue?
Newmar contributed $126.3 million to Winnebago's fourth quarter revenues.
What is Winnebago's adjusted EPS for Fiscal 2020?
Winnebago's adjusted EPS for the fourth quarter was $1.45, a 45.0% increase YoY.
What is the current backlog for Winnebago Industries?
Winnebago's backlog reached a record $1.1 billion, up 535.8% over the prior year.
How did Winnebago's annual revenue change in Fiscal 2020?
For Fiscal 2020, Winnebago's total revenue was $2.4 billion, an 18.6% increase from the previous year.
Winnebago Industries, Inc.
NYSE:WGOWGO RankingsWGO Latest NewsWGO Stock Data
1.47B
27.88M
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16.09%
Recreational Vehicles
Motor Homes
United States of America
EDEN PRAIRIE
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