Winnebago Industries, Inc. reported record fiscal 2022 financial results.
The manufacturer capped a record year with solid fourth-quarter results, President and CEO Michael Happe said.
“Our leading premium outdoor brands, distinguished by the golden threads of quality, innovation, and service, continue to resonate with our increasingly diverse outdoor recreation consumer base,” Happe said.
Full-year revenues rose 36.6% from fiscal 2021 to $5 billion. Profits rose 38.6% from fiscal 2021.
Winnebago increased its RV market share to a record 12.7%, up 0.2% from fiscal 2021.
“We made important market advances in both the RV and marine industries, operating well in a volatile macroeconomic environment,” Happe said. “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.”
Towable segment revenues rose 29.2% from fiscal 2021, primarily driven by price increases related to higher material and component costs. In the fourth quarter revenues fell 11.8% from the fourth quarter of fiscal 2021 as volume declined.
Towable backlogs decreased 66.2% from the fourth quarter of fiscal 2021 to $576.5 million as dealer inventories normalized.
Motorhome segment revenues rose 24.2% from fiscal 2021, driven by increased sales and higher prices related to increased material and component costs. In the fourth quarter, revenues rose 23.8% from the fourth quarter of fiscal 2021, driven by continued strong sales and higher prices related to higher material and component costs.
Backlog decreased 26.7% from the fourth quarter of fiscal 2021 to $1.7 billion, driven by increased levels of dealer inventories.
Additionally, Winnebago approved a new share repurchase authorization of up to $350 million of the company’s common stock.
“Looking ahead, our focused strategic priorities, strong premium brands, more diversified set of revenue streams, operational discipline, and especially our people will enable us to win in the marketplace, remain agile and deliver robust profitability as we continue to chart our course through the next year,” Happe said.
