Winnebago Starts Fiscal 2022 With a Record Quarter

Winnebago Industries started fiscal 2022 with an outstanding first quarter as diluted adjusted EPS of $3.51 rose 97.2% year over year and beat the Refinitiv consensus of $2.26. Organic revenue, which excludes the acquisition of Barletta pontoon boats that closed on Aug. 31, increased by 37.5% and total revenue rose by 45.7% to $1.16 billion, beating consensus of $1.01 billion. EPS was an all-time record on both an adjusted and GAAP basis. We are leaving our fair value estimate unchanged for now as we want to see how Winnebago’s margins (as well as consumers) battle inflation pressures. We feel given the company’s normal seasonal performance of stronger results in the second half of the fiscal year than the first half that Winnebago’s fiscal 2022 profits could be much higher than current consensus levels, but we will likely wait for an update at fiscal second-quarter results before making a decision.