FOREST CITY, IOWA – Winnebago Industries, Inc. (NYSE:WGO), a leading United States (U.S.) recreation vehicle manufacturer, today reported financial results for the Company’s second quarter of Fiscal 2013.
Revenues for the second quarter ended March 2, 2013 were $177.2 million, an increase of 34.6%, versus $131.6 million for the second quarter of Fiscal 2012. The Company reported operating income of $8.9 million for the quarter, versus operating loss of $1.2 million for the second quarter of Fiscal 2012. Net income for the second quarter of Fiscal 2013 was $6.3 million, or $0.22 per diluted share, versus a loss of $912,000, or $0.03 per diluted share for the second quarter of Fiscal 2012.
Earnings in the second quarter were positively impacted by increased motorized demand driving higher sales volume. The added sales volume, combined with firmer net pricing, increased manufacturing productivity and fixed cost leverage, resulted in higher operating margins, net income and earnings per share.
Revenues for the first 27-weeks of Fiscal 2013 were $370.7 million, an increase of 40.7%, versus revenues of $263.4 million for the first 26-weeks of Fiscal 2012. The Company reported operating income of $18.8 million for the first half of Fiscal 2013, versus operating loss of $537,000 for the first half of Fiscal 2012. Net income for the first half of Fiscal 2013 was $13.7 million, or $0.48 per diluted share, versus $123,000, or $0.00 per diluted share for the first half of Fiscal 2012.
“We had very positive comparisons this year versus the first half of Fiscal 2012,” said Winnebago Industries’ Chairman, CEO and President Randy Potts. “Our motorhome sales growth continues to out-pace the industry. As evidenced by the heightened level of our sales order backlog, we continue to see great response to our products from our dealer partners as well as from retail consumers.”
Potts continued, “We believe the motorized RV market will continue to grow toward pre-recession levels. Improved economic indicators such as rising housing starts, lower unemployment and attractive interest rates should create a positive environment going forward.”