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Winnebago posts Q2 results

Winnebago Industries Inc. reported second-quarter revenues of $432.7 million, a decrease of 7.6 percent compared to $468.4 million in the second quarter of 2018.

Gross profit was $66.4 million, a decrease of 1.8 percent compared to $67.7 million last year. Gross profit margin increased 100 basis points in the quarter, driven by revenue mix, pricing and motorhome segment operational improvements, partially offset by inflationary cost pressures and heightened dealer incentives.

Operating income was $28.9 million for the quarter, a decrease of 18 percent compared to $35.3 million in the second quarter of last year, driven primarily by the decline in RV unit sales.

Fiscal 2019 second quarter net income was $21.6 million, a decrease of 2.2 percent compared to $22.1 million in the same period last year.

Earnings per-diluted-share were $0.68, a decrease of 1.4 percent compared to earnings per diluted share of $0.69 in the same period last year.

“Our efforts to strengthen and expand our core RV business as well as diversify into new, profitable markets, demonstrated by our entrance into the marine industry with the integration of Chris-Craft, have created significant momentum that we aspire to build on through the second half of fiscal 2019,” said Winnebago president and CEO Michael Happe in a statement.

“The Chris-Craft team has had a strong start to Calendar Year 2019 via the introduction of several new models and positive results at the retail shows across the country,” said Happe. “Our Chris-Craft business also continues to grow and establish a presence for our enterprise in the growing marine industry. We continue to remain confident in the potential of our multi-branded lineup and the opportunities we have to further leverage our strong position and outperform the markets in which we compete.”

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