Winnebago Industries reported record fourth-quarter revenue of $1 billion — a 40 percent gain compared with the same quarter a year prior — and record revenue for its fiscal 2021, with a 54 percent increase to $3.6 billion.
The Eden Prairie, Minn.-based RV and marine manufacturer — the parent of Chris-Craft and Barletta — said strong consumer demand in its towable and motorhome segments drove the record results as the company continues to gain market share in those categories.
“The new heights we were able to achieve in revenues and profitability demonstrate the unique strength and appeal of our growing platform of leading brands,” president and CEO Michael Happe said in a statement.
Fourth quarter operating income increased 75 percent to $120 million, with fiscal net income hitting $84.1 million, a 98 percent gain compared with the same quarter in 2020. Operating income was $407 million for the year, compared with $114 million a year prior.
Net income surged 359 percent to $282 million for the year.
Winnebago also reported a backlog of approximately $3 billion due to product shortages and supply-chain problems.
“In an environment of high demand, low dealer inventories, tight supply chain and dynamic cost pressures, our market share gains accelerated in the fourth quarter as more consumers sought Winnebago Industries’ high-quality, innovative products and exceptional service,” Happe said.
Fiscal 2021 earnings per diluted share were $8.28, an increase of 350 percent compared with $1.84 in 2020. Adjusted earnings per diluted share were $8.55 for the year, compared with $2.58 last year.
Adjusted earnings per diluted share were a record $2.57 for the fourth quarter, a 77 percent increase from $1.45 in the same period last year.
Fourth quarter revenue per category was:
• towables: $560 million, up 35 percent
• motorhomes: $449 million, up 49 percent
Revenue for fiscal year 2021 was:
• towables: $2 billion, up 64 percent
• motorhomes: $1.5 billion, up 46 percent
The company said strong consumer demand, increased unit sales and pricing were the primary factors in the gains. Future reporting will include a marine segment comprising Barletta and Chris-Craft.