Winnebago Industries manufactures outdoor recreation products through brands that include Winnebago, Grand Design, Chris-Craft, Newmar and Barletta. Its portfolio spans motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons and commercial community outreach vehicles used in leisure travel and outdoor recreation.
Company news commonly covers quarterly results, RV and marine product introductions, dealer and customer demand trends, capital allocation actions, dividends, debt management, board and governance updates, brand partnerships and recognition for its boating businesses. Updates also reference product mix, unit volume, warranty expense, cost controls and new-model activity across the motorhome, towable RV and marine categories.
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Winnebago Industries has appointed Jil Littlejohn Bostick as the executive director of the Winnebago Industries Foundation and vice president of corporate responsibility, effective April 1, 2023. In her role, she will guide philanthropy efforts and enhance the company’s diversity, equity, and inclusion initiatives. Bostick's previous experience includes leadership roles in both the corporate and non-profit sectors. Winnebago Industries aims to double its annual charitable giving by the end of fiscal 2025, reflecting its commitment to corporate responsibility and community engagement. The company emphasizes its history of connecting people to the outdoors for over 65 years, aiming to inspire new generations while mobilizing resources for those in need.
Winnebago Industries (NYSE: WGO) subsidiary Chris-Craft has inaugurated a new 70,000 sq. ft. manufacturing facility in Sarasota, Florida, enhancing production capacity by 50% and creating over 200 jobs in the local community. The facility allows Chris-Craft to manufacture six boat models, ranging from 24 to 28 feet. This strategic expansion aims to meet growing customer demand and improve service delivery through enhanced manufacturing capabilities. The project commenced in November 2021 and underscores Chris-Craft’s commitment to quality and craftsmanship.
Chris-Craft has been operating in Sarasota since 1988 and was acquired by Winnebago in 2018.
Winnebago Industries (NYSE: WGO) announced a definitive agreement to acquire Lithionics Battery, advancing its technological capabilities in lithium-ion battery solutions for outdoor products. This strategic move aims to enhance Winnebago's product offerings and supply chain security, particularly in recreational vehicles and specialty vehicles. Lithionics, founded in 2010, specializes in battery systems that provide reliable power for RVs and other applications.
The acquisition is expected to close in Winnebago's third fiscal quarter. Management continuity will be maintained as Lithionics will operate as a wholly owned subsidiary.
Winnebago Industries (NYSE: WGO) reported a 25.6% decline in second quarter revenues for Fiscal 2023, totaling $866.7 million, down from $1.2 billion in the prior year. This decrease was attributed to lower unit volumes, despite price increases across segments. Gross profit fell 32.2% to $146.8 million, with a margin of 16.9%. Net income decreased 42.1% to $52.8 million, translating to earnings per diluted share of $1.52, down from $2.69 year-over-year. While the Marine segment saw a 16.1% revenue increase, the Towable segment experienced a significant 47% drop in revenues.
Newmar Corporation, a subsidiary of Winnebago Industries, acknowledged top suppliers at its annual banquet on March 9, 2023. The event celebrated those who excelled in supply chain performance during 2022, with a score threshold of 195 out of 201 points needed for recognition. Matt McQuown, Vice President of Supply Chain, emphasized the importance of supplier reliability amid challenging conditions. The Virgil Miller award was presented to RiverPark Inc., with 73 suppliers recognized for outstanding contributions. Newmar, known for its quality in the RV manufacturing sector, continues to rely on strong supplier partnerships to support its operations.
Winnebago Industries (NYSE: WGO) announced a quarterly cash dividend of $0.27 per share, payable on April 26, 2023, to stockholders of record as of April 12, 2023. This marks the 35th consecutive quarter that the company has distributed dividends. Winnebago is known for its outdoor lifestyle products, including motorhomes and powerboats, primarily catering to leisure travel and outdoor recreation.
Winnebago Industries, Inc. (NYSE: WGO) announced it will release its second quarter fiscal 2023 earnings on March 22, 2023, before the market opens. A conference call to discuss the results will follow at 9 a.m. CT on the same day. Stakeholders can access the live call via the company's website. Winnebago, a North American leader in outdoor lifestyle products, operates under multiple brands including Winnebago, Grand Design, and Chris-Craft, focusing on recreational vehicles and marine products. The company has manufacturing facilities across Iowa, Indiana, Minnesota, and Florida.