WSJ reports:
Winnebago Industries Inc. reported a profit for the fiscal fourth quarter as revenue surged and cost-cutting continued to pay off.
The recreational-vehicle maker has returned to profitability in recent quarters, recovering from an industry crisis that caused competitors to file for bankruptcy and leave the business. Still, Winnebago's backlog as of Aug. 28 slid 13% from a year earlier, a potentially troubling sign for investors who have fretted over future sales prospects as economic uncertainty and high unemployment persist.
"We remain cautious until we see continued retail growth," Chairman and Chief Executive Bob Olson said.
For the quarter ended Aug. 28, Winnebago reported a profit of $4.9 million, or 17 cents a share, compared with a year-earlier loss of $50.2 million, or $1.73 a share, which included a $1.41-a-share charge related to the write-down of deferred tax assets.
Revenue more than doubled to $123.1 million. Gross margin turned positive, In the year-earlier period, manufacturing costs exceeded revenue.
Motor home shipments nearly doubled and Winnebago dealer inventory rose up 21%.
Larger rival Thor Industries earlier this month said its fourth-quarter profit surged 64% amid a sharp rebound in sales.
I am thinking that these are no longer recreational vehicles, but primary addresses. Financing is probably easier and property taxes are far lower. Oh yeah, how can they foreclose on that which they cannot find?
This is my effort to help fit the pieces together to get a better picture of the capital markets.
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
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