Shares of Winnebago Industries Inc. (WGO) - Get Report climbed 15.38% to $23.03 Wednesday  after the recreational vehicle maker beat Wall Street's first-quarter earnings and revenue expectations.

The Forest City, Iowa-based company reported earnings of $22.2 million, or 70 cents a share, beating analysts' expectations of 57 cents. Winnebago posted earnings of $18 million, or 57 cents a share, a year ago.

The company reported revenue of $493.6 million, up 7% from $450 million a year ago, and beat Wall Street's expectations of $483 million.

Gross profit margin increased 40 basis points in the quarter, the company said, driven by favorable business mix due to strong growth in the towable segment and improved margins in the motorhome segment.

As of Nov. 24, Winnebago said it had total outstanding debt of $253.3 million and working capital of $144.1 million. The board approved a quarterly cash dividend of 11 cents a share, payable on Jan. 23.

"We are very pleased with the strong start to our Fiscal Year 2019, resulting from our upward momentum within the North American RV business and the positive integration of our new marine division," President and CEO Michael Happe said in a statement. "Sales growth remained robust as we continued to take overall retail market share on the RV side, and we were successful in expanding margins during the quarter, primarily driven by the continued profitability recovery within our motorhome segment."