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Winnebago Industries (NYSE:WGO) reported revenue increased 13.8% to $1.2B in FQ4. Organic growth was 4.3% over a two-year period during the quarter after backing out the impact from the Barletta business.
The RV giant said pricing actions helped to offset a decline in towable units sold during the quarter.
WGO’s gross profit margin rate fell 30 basis points in the quarter to 17.8% as a result of higher material and component costs and deleverage that were only partially offset by pricing actions. Operating income was up 3.0% to $123.6M.
“While we expect uncertain market conditions to persist into our Fiscal 2023, we are confident that our transformed and evolving business platform positions us for continued success into the future,” noted Winnebago (WGO) CEO Michael Happe.
At the end of the quarter, Winnebago (WGO) had total outstanding debt of $545.8M on the balance sheet and working capital of $571.7M.
Looking ahead, Winnebago (WGO) said it is entering FY23 from a position of competitive and financial strength. The company plans to be extremely flexible in balancing strategic investments in profitable growth opportunities and managing the balance sheet with responsibility.
Shares of Winnebago (WGO) fell 2.84% premarket to $58.48 after gaing 4.70% on Tuesday into the earnings report.
