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Winnebago Industries (WGO)

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Joe, good morning. That number varies by brand. It's probably highest on our luxury brands Chris-Craft and Newmar and in some cases, on those brands could be approaching even as high as 50%. The percentage of retail sold is probably lowest on our higher volume travel trailer categories where that number is probably somewhere in the low double digits. It does vary as dealers and our sales team continue to collectively revisit the order positions. And we've been very clear that -- in how we define our back orders and the integrity of the process we use and certainly that they can be canceled by dealers as they deem. We are not seeing a high rate of cancellation of dealer orders at this time.
dealer orders- key metric to watch
Transcript
2022 Q2
20 Jun 22
So, do you know what percentage of your backlog today is retail sold at this point? Michael Happe Joe, good morning. That number varies by brand. It's probably highest on our luxury brands Chris-Craft and Newmar and in some cases, on those brands could be approaching even as high as 50%. The percentage of retail sold is probably lowest on our higher volume travel trailer categories where that number is probably somewhere in the low double digits.
Backlog- highest for premium brands
Transcript
2022 Q2
20 Jun 22
Hey. Good morning, guys. I think, one thing investors are trying to maybe tease out today is comparing your results to your peer that had a January quarter end, and I’m not trying to compare the two in this question.
THOR is main competitor
Transcript
2022 Q2
20 Jun 22
most of the market downturns in the RV industry have ranged in severity. But generally, they have been relatively brief anywhere from 6 to 24 months in its tenure.
RV industry has downturns
Transcript
2022 Q2
20 Jun 22
ising oil prices and potentially higher interest rates.
Oil prices and Interest rate- Headwind
Transcript
2022 Q2
20 Jun 22
beginning to see a retail environment where maximum pricing power at retail is probably not able to be sustained in the way that it was throughout the last 9 to 12 months.
pricing power topping off
Transcript
2022 Q2
20 Jun 22
supply chain constraints and inflation to continue, we will work closely with our suppliers to mitigate the impact of those forces as much as possible.
supply chain concerns persist
Transcript
2022 Q2
20 Jun 22
share buybacks totaled $40 million, and on a year-to-date basis, we’ve bought back $59.6 million worth of shares.
stock buybacks
Transcript
2022 Q2
20 Jun 22
carry elevated inventory as a means of mitigating some of the supply inconsistencies that we encounter on a daily basis.
high parts inventory
Transcript
2022 Q2
20 Jun 22
Towable segment revenues were $646.6 million for the second quarter, up 47% over the prior year, primarily driven by pricing increases across the segment and unit growth of 13%.
Towables- largest rev growth
Transcript
2022 Q2
20 Jun 22
Barletta and Chris-Craft businesses remain strong and dealer inventories remain low. Marine segment adjusted EBITDA of $13.0 million was $11.9 million higher than the same period last year, and adjusted EBITDA margin was 13.3%,
Marine- Barletta and Chris-Craft
Transcript
2022 Q2
20 Jun 22
Motorhome segment were $417.6 million, up 9% from the prior year driven by pricing increases across the segment.
RV didn't grow anywhere near Towables- Gas price big impact
Transcript
2022 Q2
20 Jun 22
backlogs have increased versus last year and are significantly higher than the second quarter 2020 period.
backlog
Transcript
2022 Q2
20 Jun 22
flexible work amongst new RVers, 25% of millennials and 27% of GenXers stated that they use an RV for a place to stay while working as a reason for purchasing the RV.
Remote work now becomes a risk
Transcript
2022 Q2
20 Jun 22
51% of new RVers in the 2020 and 2021 time periods suggested that reasons surrounding COVID were certainly the impetus for purchasing an RV.
Covid beneficiary
Transcript
2022 Q2
20 Jun 22
Barletta Pontoon Boat business, recently acquired this past August, contributed 9 percentage points of growth
New boat biz
Transcript
2022 Q2
20 Jun 22
second, Winnebago Industries successful execution of pricing actions to offset higher material and component costs
pricing to offset costs materials
Transcript
2022 Q2
20 Jun 22
Thanks, Steve. Good morning, everyone and thanks again for joining the call today. As always, we appreciate your interest in Winnebago Industries and taking the time to discuss our fiscal '22 second quarter results. I will start the call with an overview of our performance during the second quarter, and what factors are driving those results. Then I will pass it over to Bryan Hughes, who will walk through our financial results in more detail before I make some closing remarks and we turn to your questions. Winnebago Industries built on our strong momentum and delivered robust results in the second quarter of fiscal 2022, capitalizing on sustained and elevated demand for our portfolio of premium products. We grew revenues by 39% year-over-year to $1.2 billion, matching the previous sales record set last quarter. Overall, our results were shaped by two key dynamics. First, sustained and powerful consumer demand drove higher unit sales
strong demand
Transcript
2022 Q2
20 Jun 22
We grew revenues by 39% year-over-year to $1.2 billion, matching the previous sales record set last quarter. Overall, our results were shaped by two key dynamics.
Sales record
Transcript
2022 Q2
20 Jun 22
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