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Winnebago Industries Inc WGO Stock Quote

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Morningstar‘s Stock Analysis WGO

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Economic Moat

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Winnebago's Backlog Remains High While Inflation Surges

Business Strategy and Outlook

| David Whiston, CFA, CPA, CFE |

Winnebago, which reinvented itself under CEO Mike Happe with the November 2016 acquisition of high-end towable maker Grand Design, sees itself as a leading outdoor lifestyle firm. It now has a marine segment with Chris-Craft and Barletta. Towables is an area the company had long wanted to grow in but had remained very small since acquiring SunnyBrook in 2011. Winnebago’s North American towables share is 12%, up from under 2% before Grand Design, so we see a long growth runway if it can keep chipping into Thor's and Forest River's roughly 80% combined share. In fiscal 2021, towables were about 55% of total revenue compared with just 9% in fiscal 2016. High brand equity enabling scale and barriers to entry provide Winnebago with a narrow economic moat.

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Company Profile WGO

Business Description

Winnebago Industries manufactures Class A, B, and C motor homes along with towables, customized specialty vehicles, boats, and parts. Headquartered in Eden Prairie, Minnesota, Winnebago has been producing recreational vehicles since 1958. Revenue was about $3.6 billion in fiscal 2021. Winnebago expanded into towables in 2011 with the acquisition of SunnyBrook and acquired Grand Design in November 2016. Towables made up 85% of the firm's RV unit volume, up from 31% in fiscal 2016. The company's total RV unit volume was 71,015 in fiscal 2021. Winnebago expanded into boating in 2018 with the purchase of Chris-Craft, bought premium motor home maker Newmar in November 2019, and bought Barletta pontoon boats in August 2021.

Contact
605 West Crystal Lake Road, P.O. Box 152
Forest City, IA, 50436
T +1 641 585-3535
Industry Recreational Vehicles
Most Recent Earnings May 31, 2022
Fiscal Year End Aug 31, 2021
Stock Type Cyclical
Employees 6,532

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