Winnebago Sales, Backlog Lead Results

Winnebago Industries Inc. (NYSE: WGO) reported fiscal fourth quarter and full-year 2012 results before markets opened this morning. For the fourth quarter, the maker of recreational vehicles posted adjusted diluted earnings per share (EPS) of $0.14 on revenues of $162.5 million. In the same period a year ago, the company reported EPS of $0.22 on sales of $130.55 million. Fourth-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.17 EPS and $163.03 million in sales.

For the full fiscal year, adjusted EPS totaled $0.25, compared with $0.41 a year ago, and revenues totaled $581.7 million, compared with $496.42 million a year ago. Fourth-quarter and full-year results included tax benefits of $36.9 million and $37.7 million, respectively. The consensus estimates for full-year results called for EPS of $0.30 on sales of $578.45 million.

The company's CEO said:

The dramatic increase in our sales order backlog reflects the positive dealer response to our new 2013 model year products. As a result of the improved demand, we ramped up production throughout the fourth quarter. We will continue to increase production during Fiscal 2013 to meet the growing demand for our products.

The company did not offer any guidance for the 2013 fiscal year or the first quarter in its published results.

The interesting thing about Winnebago is the sales and backlog increases. Think about it: very few people need a motor home or a towable travel trailer. But year-over-year sales of trailers rose more than 200%, and the more expensive motor homes had an increase of 5.6% for the full year. For the quarter, motor home sales were up 21% and trailer sales rose 94%. And backlogs are up 116% for motor homes and 40% for trailers. Some part of the U.S. economy is doing pretty well right now if recreational vehicle sales and orders are rising this much.

Winnebago's shares are inactive in premarket trading after closing at $12.20 last night. The 52-week range is $6.02 to $13.23. Thomson Reuters had a consensus analyst price target of around $13.00 before today's report.

Paul Ausick


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