Winnebago Industries, the parent of Chris-Craft and Barletta Boats, reported financial results for its fiscal fourth quarter, as well as full-year earnings.
Revenues for the quarter ending Aug. 27 were $1.2 billion, an increase of 13.8 percent compared with $1 billion in the year-prior quarter, the company said in a statement.
Full fiscal year results included revenues of $5 billion, an increase of 36.3 percent compared with $3.6 billion posted in 2021, driven by the purchase of Barletta. Record gross profit margin of 18.7 percent improved 80 basis points year-over-year, driven primarily by improved operating leverage and price increases. Operating income was $583.5 million, compared with $407.4 million in 2021. Net income was $390.6 million, an increase of 38.6 percent compared with $281.9 million the prior year.
“Winnebago Industries capped off a record year in fiscal 2022 with solid fourth-quarter results,” president and CEO Michael Happe said in the statement. “We made important market advances in the RV and marine industries, operating well in a volatile macroeconomic environment.”
Fourth-quarter revenues for the marine segment were $122.1 million. Excluding Barletta, revenues for the segment were $23.7 million, a 41.8 percent increase compared with the year-prior period. Adjusted EBITDA was $17.5 million, an increase of $15.8 million, and adjusted EBITDA margin was 14.3 percent. Backlog was $314.7 million and remain elevated, as low dealer inventories persist. The Barletta brand continued to outperform pro-forma expectations and delivered margins that are accretive to the Winnebago Industries portfolio.
Fiscal year marine revenues were $425.3 million, up $365.1 million, driven by the addition of Barletta. Segment-adjusted EBITDA was $60.8 million, up $55.7 million from fiscal 2021. Full-year adjusted EBITDA margin was 14.3 percent, up 570 basis points compared with the prior year.