Winnebago Has a Solid and Record 2Q for Fiscal 2018, but Work in Motorized Remains
Winnebago Industries’ second quarter for fiscal 2018 met consensus EPS of $0.62 after excluding a $0.07 EPS benefit from the impact of the new tax law. Revenue increased 26.4% year over year to $468.4 million, easily beating consensus of $442.4 million. We are lowering our fair value estimate to $39 to account for new tax rate guidance from the company, a higher share count, and slightly less operating income growth beyond our explicit forecast period in our model. We had been modeling a long-te...Winnebago Industries is a manufacturer with a portfolio of recreation vehicles and marine products used primarily in leisure travel and outdoor recreation activities. The company's reportable segments include: Towable, which is comprised of products which are not motorized and are generally towed by another vehicle as well as other related manufactured products and services; and Motorhome, which is comprised of products that include a motorized chassis as well as other related manufactured products and services. The company's subsidiary, Chris-Craft USA, Inc., manufactures and sells boats in the recreational powerboat industry through a network of independent authorized dealers.
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