FOREST CITY — Winnebago Industries says it was their best-ever second quarter in company history. Net income for the Forest City-based motor home manufacturer was $22-point-1 million, an increase of almost 45-percent compared to $15-point-3 million in the same period a year ago.
President and CEO Michael Happe says the second quarter marked another period of solid consolidated results for the company. He says, “Our second quarter performance continues to reflect the journey we are on here at Winnebago Industries to build a more robust, balanced, increasingly profitable overall business model. Much has changed in recent quarters at Winnebago Industries and our results this period are both a reflection of those accomplishments but they also highlight that we continue to have unfinished work to do.”
Second quarter revenues for the motor home segment of the business were up one-and-a-half percent from the previous year, while the towable segment for the company was up over 55-percent with the combination of the Winnebago and Grand Design branded lines. He says, “This will be a net positive journey we believe. We are pleased with our consolidated results in the second quarter, which are record numbers on both the top line and in profit generated. Overall strong sales growth and meaningful margin improvement for the company were hallmarks of this quarter, certainly highlighted and generated by our growth in the towables segment. Another reflection in what’s changed in the last two years.”
Happe says the company is proud of the significant progress that the company has made as an entity in the towables segment of the industry in the 18 months since they acquired the Grand Design brand. He says, “The Grand Design acquisition has been strategic and effective, and our own Winnebago brand of towables business is growing rapidly as well. In an industry where 85-percent-plus of the units are towables, we have advanced our segment share from less than one-percent market share at the beginning of 2016, to somewhere in the mid-single digits presently, and most importantly doing that with favorable margins. We are optimistic about the ability of our towables businesses to make materially more progress in the market and help generate net-positive results for the company in the future.”
Winnebago reported revenue for the quarter rose over 26-percent to $468-point-3 million, up from $370-and-a-half million last year.