Winnebago Plunges Despite Topping Analyst Expectations

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Winnebago Plunges Despite Topping Analyst Expectations

By Sam Boughedda

Investing.com -- Winnebago Industries Inc (NYSE: WGO ) fell 11% Wednesday after reporting earnings that topped analyst expectations.

The company reported earnings per share of $3.14 on revenue of $1.16 billion. Analysts polled by Investing.com forecasted earnings of $2.94 per share on revenue of $1.1 billion. Revenue increased  39% year-over-year, driven by continued strong consumer demand and pricing increases.

Revenue for the Towable segment was $646.6 million for the second quarter, up 47.2%, while revenue for the Motorhome segment was $417.6 million for the second quarter, up 9.1% from the prior year. Furthermore, Marine segment revenue was $97.3 million.

“Winnebago Industries delivered a strong second quarter performance, executing on sustained, elevated consumer demand for our expanded portfolio of premier outdoor lifestyle brands. Our second quarter performance and record sales results at recent RV and Marine trade shows further validate consumers’ embrace of the outdoor lifestyle," Winnebago President and CEO Michael Happe commented.

Following the report, CL King analyst Scott Stember reiterated his buy rating and $102 price target, stating the company had another "blowout" quarter.

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