Winnebago Industries reports strong financial performance in full year fiscal results

Leading American RV and outdoor lifestyle product manufacturer Winnebago Industries has finished the year strongly according to its financial results for the fiscal year of 2020.

Highlights from the company’s results include: growth in overall RV market share, a 39.1 per cent year-over-year quarterly revenue growth driven by strong end consumer demand, fourth quarter gross margin expansion of 90 basis points, and an increase of 102.2 per cent of cash flow from operations leaving that figure at $270.4million.

The company’s president and CEO, Michael Happe, said: “In the face of the unprecedented impacts of the COVID-19 pandemic, our strong fourth quarter finish to the year was a testament to the incredible resolve of our world-class team, the strength of our portfolio of leading outdoor lifestyle brands, and our efficiency in quickly and safely resuming operations to meet tremendous consumer demand. We added motorized scale through the acquisition of Newmar and continued to grow our RV market share throughout the year by leveraging strong dealer relationships, exciting new products and record consumer interest. Winnebago Industries also generated expanded margins and stronger cash flows, while delivering a quality product and customer experience in collaboration with our channel partners. Looking ahead, we enter our 2021 fiscal year with four premier brand platforms, strong operational momentum, a record backlog, and the financial flexibility to manage through the ongoing uncertainty in the environment. Our efforts continue to rally around building an extraordinary outdoor lifestyle company, and creating value for our end customers, dealers, employees and shareholders. I want to thank all of our Winnebago Industries employees for their resilience and commitment during these unique times and focusing on giving our customers a safe and memorable experience with our products in the outdoors.”

For the full year Fiscal 2020, revenues for the Motorhome segment were $1.1 billion, up 49.5 per cent from Fiscal 2019. Revenues excluding Newmar were $668.4 million, down 5.4 per cent from Fiscal 2019, as a result of manufacturing and distribution disruption due to the COVID-19 pandemic. Segment Adjusted EBITDA for the full year was $32.9 million, up 20.0 per cent from Fiscal 2019 driven by the addition of Newmar partially offset by the impact of COVID-19 during the Fiscal 2020 third quarter. Adjusted EBITDA margin of 3.1 per cent was down 80 basis points for the full year due to the impact of COVID-19 during the Fiscal 2020 third quarter partially offset by the addition of Newmar.