Chris-Craft parent reports record profits for fiscal 2019

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Winnebago Industries, the parent of Chris-Craft, reported fourth-quarter sales of $530.4 million, down 1.1 percent compared to the same period a year ago. Net income was up 7 percent to $31.9 million.

The company did not break out individual sales numbers for Chris-Craft, but did mention in a statement that it had a “successful first year” in the marine sector.

“In fiscal year 2019, our team made significant strides in profitably strengthening our core recreational vehicles business, while also executing a successful first full year in the marine industry,” said Michael Happe, president and CEO, in the statement. “In the face of challenging RV market conditions, we drove increased share in our towables segment and continued to stabilize our motorhome platform with improved products and dealer relationships. We are especially pleased to deliver record profitability for the company against the headwinds of ongoing tariffs and higher levels of competitive promotional activity in our target markets.”

The company reported full-year sales of $1.99 billion, down 1.5 percent from the previous fiscal year. Net income was $111.8 million, up 9.2 percent over the previous year.

Happe said following last year’s acquisition of Chris-Craft and three other recent acquisitions, that Winnebago is a “larger, more balanced, increasingly diversified organization” that is delivering consistent profitability in “challenging” market conditions.

“While pleased with our progress over the last four years, we remain determined and driven to outperform the industries in which we compete in the future,” Happe said. “There is significant runway in front of our team and overall business.”