Winnebago Industries today reported financial results for the company’s fourth-quarter and full-year fiscal 2019.
Fourth Quarter Fiscal 2019 Results
Revenues for the fiscal 2019 fourth quarter, ending Aug. 31, 2019, were $530.4 million, a decrease of 1.1% compared to $536.2 million for the fiscal 2018 period. Gross profit was $83.2 million, a decrease of 0.8 per cent compared to $83.8 million for the fiscal 2018 period.
Operating income was $44.8 million for the quarter, a decrease of 2.0 per cent compared to $45.7 million in the fourth quarter of last year. Fiscal 2019 fourth-quarter net income was $31.9 million, an increase of 7.0 per cent compared to $29.8 million in the same period last year. Earnings per diluted share were $1.01, an increase of 7.4 per cent compared to earnings per diluted share of $0.94 in the same period last year. Net income and earnings per share were favorably impacted by an improved tax rate resulting from the Tax Cuts and Jobs Act (“TCJA”).
Net income and earnings per share were unfavorably impacted by due diligence costs of $0.7 million, or $0.02 earnings per share, related to the Newmar acquisition announced on September 16, 2019.
Full Year Fiscal 2019 Results
Fiscal 2019 revenues of $1.99 billion decreased 1.5 per cent from $2.02 billion in fiscal 2018 driven by strong growth in the towable segment of 6.2 per cent which was more than offset by a decline in the motorhome segment of 17.9 per cent. Gross profit margin improved 60 basis points, primarily due to accelerated growth in the towable segment and improved motorhome profitability.
Operating income was $155.3 million for fiscal 2019, a decline of 3.2 per cent compared to $160.4 million in fiscal 2018. Net income for fiscal 2019 was $111.8 million, an increase of 9.2 per cent compared to $102.4 million in fiscal 2018. Earnings per diluted share were $3.52, an increase of 9.3 per cent compared to earnings per diluted share of $3.22 in fiscal 2018. Net income and earnings per share were favorably impacted by an improved tax rate resulting from the Tax Cuts and Jobs Act (“TCJA”) and a favorable change in estimate related to prior year R&D tax credits. Fiscal 2019 consolidated Adjusted EBITDA was $179.7 million, a decrease of 1.2 per cent from $181.7 million in fiscal 2018.
Full report here:
