Winnebago's Fiscal Second Quarter Shows the Smooth Sailing Is Over for This Cycle
We are not changing our fair value estimate for Winnebago Industries following second-quarter fiscal 2019 results that reflect a slowdown but no imminent recession. Revenue fell 7.6% year over year to $432.7 million, which missed consensus of $461.9 million, but diluted EPS of $0.60, which excludes an $0.08 tax benefit for research costs, beat consensus of $0.59. Continued cost improvements in the motorhome segment helped gross margins expand 100 basis points and gross profit only declined by 1....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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