Shares of the recreational vehicle manufacturer Winnebago (WGO) surged more than 10% in the pre-market trading after the company beat analysts’ estimate during Q3 2018. The upbeat results were mainly due to the accelerated growth in the company’s Towable segment.
Earnings surged 67% to $1.02 per share, surpassing analysts’ estimate of $0.91 a share. Revenue swelled 18% year-over-year to $562.3 million, topping analysts’ expectation of $541 million.
Winnebago surged more than 10% in the pre-market trading after the company beat analysts’ estimate during Q3 2018.
Winnebago is working aggressively to diversify its portfolio. During early June, the company acquired boat maker Chris-Craft. This provides the company a new revenue platform in the marine market.
The Towable segment generated revenues of $313 million, up 33.4% from the previous year, driven by strong organic growth across the Grand Design RV and Winnebago-branded product lines. However, Motorized segment revenues just increased 3% to $249.2 million as the company is still struggling to cope with rising costs. Winnebago stated that it is working to mitigate the challenges caused by inflation and stabilize its Motorized segment.
On May 23, 2018, the Company’s board approved a quarterly cash dividend of $0.10 per share payable on July 5, 2018, to common stockholders of record on June 20, 2018. So far in this year, Winnebago stock has dropped 27%.
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