Yahoo Finance Winnebago (WGO) Keeps Its Earnings Beat Streak Alive in Q2
Winnebago WGO reported adjusted earnings of $1.88 per share for second-quarter fiscal 2023 (ended Feb 25, 2023), which topped the Zacks Consensus Estimate of $1.32 on higher-than-anticipated EBITDA across all segments. The bottom line, however, plunged 40% year over year. The recreational vehicle (RV) maker reported revenues of $866.7 million in the quarter under review, crossing the Zacks Consensus Estimate of $781 million. Nonetheless, the top line fell 25.5% year over year.
Winnebago Industries, Inc. Price, Consensus and EPS Surprise
Winnebago Industries, Inc. price-consensus-eps-surprise-chart | Winnebago Industries, Inc. Quote
Segmental Performance
Revenues in the Towable segment in the reported quarter fell 47% year over year to $342.5 million, primarily led by a decline in unit volume. The top line also missed the Zacks Consensus Estimate of $352 million. Total deliveries from the segment came in at 7,436 units, decreasing 51.4% year over year but beating the consensus metric of 6,711 units. Quarterly adjusted EBITDA declined 60.9% to $39.3 million, reflecting higher material and component costs and deleverage. The figure came ahead of the consensus mark of $38.42 million. The segment’s backlog was $278.2 million (5,841 units), decreasing 85.1%.
In the reported quarter, revenues in the Motorhome segment slid 3.3% year over year to $403.8 million on lower deliveries. The top line, however, topped the consensus mark of $394 million. The total deliveries from the segment came at 2,165 units, down 23.5% year over year and missing the consensus metric of 2,219 units. The segment recorded an EBITDA of $42.5 million, down 7.8% but surpassing the consensus mark of $32.34 million. The backlog was $872.7 million (5,341 units), down 60.6% from the prior year.
In the reported quarter, revenues in the Marine segment were $112.9 million, jumping 16.1% year over year, largely driven by the Barletta buyout. The metric missed the consensus mark of $127 million. The total deliveries from the segment came at 1,266 units, down 4.2% year over year and falling short of the consensus metric of 1,664 units. The segment recorded an EBITDA of $14.4 million, up 11.4% year over year and exceeding the consensus metric of $9.53 million. The backlog for the Marine segment was $238.5 million (2,511 units), down 14.1%.
Financials
Winnebago had cash and cash equivalents of $229.3 million as of Feb 25, 2023. The long-term debt (excluding current maturities) increased to $591 million from $545.9 million, recorded on Aug 27, 2022. The company approved a dividend of 27 cents a share, to be paid on Apr 26, 2023, to shareholders of record at the close of business on Apr 12, 2023.
WGO currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
What Did Thor’s Latest Quarterly Report Unveil?
Close peer Thor Industries THO released second-quarter fiscal 2023 results on Mar 7. It posted adjusted earnings of 50 cents per share, which lagged the Zacks Consensus Estimate of $1.10. The bottom line declined massively by 89.5% from the year-ago profit of $4.79 per share. The company registered revenues of $2,347 million for the quarter under review, missing the Zacks Consensus Estimate of $2,531 million. The top line also declined 39.4% year over year.
Thor also revised its guidance for fiscal 2023. It projects full-year consolidated net sales of $10.5-$11.5 billion, down from the previous guided range of $11.5-$12.5 billion. The consolidated gross profit margin is expected to be 13.4-14.2%, down from the prior stated 14.2-14.9%. Earnings per share are expected to be $5.50-$6.50, down from the previously mentioned $7.40-$8.70.
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