Winnebago reports first-ever $1 billion quarter

Photo credit GettyImages
By , Audacy

The popularity of RVs during the pandemic has soared, and now the Minnesota-based company, Winnebago, has recorded its first-ever quarter with revenue in the billions.

On Wednesday, the company reported record revenue and earrings for both its fourth quarter and fiscal year. Overall, the company saw an annual revenue increase of 54% to $3.6 billion.

In a press release, the company's chief executive, Michael Happe, acknowledged the growing popularity of recreational vehicles.

"The new heights we were able to achieve in revenues and profitability demonstrate the unique strength and appeal of our growing platform of leading brands," Happe said.

Winnebago has worked through numerous obstacles, including inflation pressures and supply-chain issues, company officials said. Other problems that faced the company included a backlog of orders from the pandemic.

"In an environment of high demand, low dealer inventories, tight supply chain, and dynamic cost pressures, Happe said, "our market share gains accelerated in the fourth quarter."

The RV company saw earnings of $84.1 million in June, July, and August for an increase of 96% from the same period last year. Revenue was approximately $1 billion, up 40%.

The company's share price increased by 350% as Winnebago earned $281.9 million, or $8.28 a share. Compared to last year, the number was $61.4 million, or $1.84 a share.

With Americans looking outdoors to replace indoor activities, the popularity of the vehicles remains at an all-time high.

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