Winnebago stock up premarket after earnings blow past estimates

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Winnebago Industries Inc. stock WGO, -0.75% rose 2.4% in premarket trade Friday, after the residential-vehicle maker fiscal first-quarter earnings fell from the year-earlier period, but were comfortably ahead of consensus estimates. Eden Prairie, Minn.-based Winnebago posted net profit of $60.2 million, or $1.73 a share, for the quarter to Nov. 26, down from $99.6 million, or $2.90 a share, in the year-earlier period. Adjusted per-share earnings came to $2.07, well ahead of the $1.82 FactSet consensus. Revenue fell to $952.2 million from $1.2 billion a year ago, but also beat the FactSet consensus of $852 million. “Growth in our Motorhome and Marine segments helped to mitigate challenging market conditions in our Towables business, demonstrating the ongoing benefits of a more balanced array of outdoor recreation businesses,” Chief Executive Michael Happe said in a statement. The stock has fallen 26% in the year to date, while the S&P 500 SPX, -1.11% has fallen 18%.

This article was originally published by Marketwatch.com. Read the original article here.

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