FOREST CITY | Winnebago Industries is reporting $450 million in first-quarter revenue, an 83.5 percent increase compared to the same quarter last year.
Winnebago said in a news release it is continuing to see accelerated growth in its towable segment. First-quarter revenues for that segment were $259.7 million, up $209.5 million from the previous year.
Grand Design RV recently celebrated its one-year anniversary as part of the company, President/CEO Michael Happe said in a statement, and "continues to perform well, as does our Winnebago-branded towable division."
"All of our businesses had a successful fall season, with strong new product showings at the two largest industry events of the year, driving an increased order backlog," Happe said.
Revenues for Winnebago's motorized segment were $109.4 million, down 2.4 percent from the previous year.
Happe said the company continues to improve operations to "drive long-term, sustainable profitability."
"We remain optimistic about the strength of the RV marketplace as a whole, with overall U.S. shipments expected to exceed 500,000 units in 2017, and a ninth consecutive year of growth projected in 2018," Happe said.
In October, Winnebago reported it had more than doubled its profits from the previous year, bringing in $1.5 billion in revenue.
Other notable first-quarter results include:
• Gross profit — $62.8 million, an increase of 117.6 percent, compared to $28.9 million the previous year.
• Operating income — $31.2 million, an increase of 69.4 percent, compared to $18.4 million the previous year.
• Net income — $18 million, an increase of 53 percent, compared to $11.7 million the previous year.
• Gross profit margin increased 220 basis points.