Winnebago Reports Fiscal 2Q Profit, Backlog Jumps
FOREST CITY, Iowa (AP) â¿¿ Winnebago Industries Inc. said Thursday that it returned to a profit in its fiscal second quarter and said its backlog nearly tripled on increasing demand for its recreational vehicles.
The company earned $6.3 million, or 22 cents per share, during its second quarter that ended March 2. That compares to a loss of $912,000, or 3 cents per share, during the same quarter a year ago.
Revenue jumped 35 percent to $177.2 million.
The results beat Wall Street expectations of 14 cents per share, according to research company FactSet.The Forest City, Iowa-based company had 2,752 motorhome units in backlog as of March 2, up from 1,004 a year ago. Backlog is an indicator of potential future revenue. "We believe the motorized RV market will continue to grow toward pre-recession levels," CEO Randy Potts said in a statement. "Improved economic indicators such as rising housing starts, lower unemployment and attractive interest rates should create a positive environment going forward." Winnebago shares fell 14 cents to 21.73 in morning trading.
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