Winnebago Starts Fiscal 2019 in the Right Direction
We are not changing our Winnebago fair value estimate after the company reported a good quarter to start fiscal 2019. Diluted EPS of $0.70 beat consensus of $0.64 and grew 22.8% year over year, while revenue rose 9.7% to $493.6 million, beating consensus of about $486 million. The company finally is seeing meaningful improvement from the restructuring efforts of the motor home segment, with segment EBITDA margin up 400 basis points year over year to 6.6%, despite a 3.6% decline in segment revenu...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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