Winnebago Industries, Inc. reported a record $1.2 billion in fiscal first-quarter revenue. The total is an increase of 45.7% from the same period in 2021.
Winnebago reported increasing backlogs in towable and motorhome segments. Price increases helped drive the manufacturer’s margins to a record high.
Excluding the recently acquired Barletta business, Winnebago’s revenues were $1.1 billion, an organic growth rate of 37.5% over the prior year period. The company attributed the rise to continued consumer demand and pricing increases related to current and anticipated higher material and component costs.
Company President and CEO Michael Happe said the quarterly results build on sustained momentum and demonstrates the remarkable growth and profitability of Winnebago’s expanded portfolio.
The CEO said as of October 2021, the company’s RV retail market share grew to 13.3%, citing Statistical Surveys, Inc. Happe commended the company’s employees for contributing to Winnebago’s record 19.8% gross margin despite ongoing supply chain constraints and increased input costs.
“We will continue to meet these challenges head on and work closely with our dealer partners to replenish their inventories, in a disciplined manner,” Happe said. “Overall, we see a meaningful runway for further profitable growth across our portfolio, as Winnebago Industries is well-positioned to continue to capitalize on the secular demand shift of consumers embracing the outdoor lifestyle, and provide significant value to our end consumers, dealers, employees and shareholders.”
Revenues for Winnebago’s towable segment were $651 million for the first quarter, up 43.1% over the prior year. The company attributed the growth primarily to strong continued end consumer demand and pricing increases across the segment. The company implemented pricing increases ahead of anticipated material and component cost inflation and operating leverage.
The towable segment backlog increased to a record $1.9 billion, up 116.6% over the prior year and 10% from the previous quarter, citing continued strong consumer demand combined with low levels of dealer inventory and pricing actions.
Revenues for the motorhome segment were $421.5 million for the first quarter, up 30.7% from the prior year. The growth was driven by an increase in Type B and Type A unit sales and pricing increases across the segment.
The segment’s backlog increased to a record $2.4 billion, up 41.2% over the prior year and 4.7% sequentially, as dealers continue to experience low levels of dealer inventory and strong consumer demand.
