Winnebago Industries reported backlogs in towable and motorhomes continued to grow in its fiscal third quarter, while earnings doubled the same period from 2019.
Backlogs among towable products grew to $1.52 billion in the fiscal third quarter of 2021, up 26.1% from the previous quarter. Towable backlogs are 265% higher than the fiscal third quarter of 202 and 540% higher than the fiscal third quarter of 2019.
Among motorhomes, backlog climbed to $2.18 billion, up 20% from the previous quarter. Backlogs are 323% higher than the same period a year ago and 1,095% higher than the fiscal third quarter of 2019.
“We remain focused on working with our suppliers to sustain strong levels of production and with our dealer network to replenish their inventories in the face of record backlog,” company President and CEO Michael Happe said.
Comparisons to the fiscal third quarter of 2020 are skewed because the 2020 period included the six-week shutdown. For example, gross profits in fiscal third quarter 2021 totaled $169.6 million, up 429.6% from the $32 million in the same period of 2020.
“Winnebago Industries’ record fiscal third quarter results continued our sequential growth trajectory, which is a testament to the sustained strength of consumer engagement in the outdoor lifestyle as well as the tremendous appeal of our premium brands,” Happe said. “Throughout the quarter, we capitalized on the prime spring selling season to gain share and drive higher consumer engagement, further cultivating our pipeline of lifelong customers. We are very pleased with our results.”
Revenues in the quarter totaled $960.7 million, with profits of $71.3 million. Profits rose 3.2% from the previous quarter.
Revenues grew 81.6% from the fiscal third quarter of 2019, when they totaled $528.9. Earnings rose 96.4% percent from the fiscal third quarter of 2019.
By segment, towable revenue rose 60.2% and earnings climbed 40% from the fiscal third quarter of 2019. Winnebago said growth was driven by strong consumer demand in its Grand Design and Winnebago products, “driven by an extreme focus on product differentiation.”
Motorhome revenue rose 140.5% and earnings were 927.5% above fiscal third quarter of 2019 results. The 2019 fiscal third quarter did not include financial details from Winnebago’s purchase of Newmar.
Winnebago said fiscal third quarter 2021 motorhome results were driven by strong demand and pricing, including lower discounts and allowances.
