Winnebago Industries reported financial results for the second quarter of Fiscal 2016. Revenues were $225.7 million, a decrease of 3.8%, compared to $234.5 million for Q2 2015.
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Operating income was $13.5 million for the current quarter, an improvement of 13.0% compared to $11.9 million in the second quarter of last year.
Fiscal 2016 second quarter net income was $9.4 million, or $0.35 per diluted share, an increase of 15.5% compared to $8.1 million, or $0.30 per diluted share, in the same period last year.
Winnebago Industries president and chief executive officer Michael Happe commented, "Since arriving in mid-January, I have enjoyed the privilege of actively engaging with many of Winnebago's employees, dealers, and our Board of Directors.
"All are extremely committed to building a stronger future for this iconic brand, leveraging an already impressive legacy. While we are pleased with the improved profitability delivered this quarter and the strong continued momentum of our Towables business, we are mindful of lower motorized revenues against the industry's strong fundamentals.
"Our motorized team will continue to focus on delivering the industry's highest level of product quality while working to create sustainable, increased levels of manufacturing output.
"With the success of recent new products, a current robust backlog, and ongoing investments in new systems and facilities, we believe we have a strong foundation to continue to build future value for our dealers, customers, and shareholders."
Second quarter Fiscal 2016 consolidated revenues decreased year over year due primarily to lower motorized unit shipments of 3.4% and the company's exit of aluminum extrusion sales to outside customers.
Partly offsetting the decline was revenue growth of 33.8% in towables due to an increase in unit deliveries.
Gross margin improved year over year in the second quarter due in part to improved product mix and the realization of cost-saving benefits related to the Company’s strategic sourcing initiative. The improvement was partly mitigated by higher manufacturing costs.
On March 16, 2016, the Winnebago Industries board approved a quarterly cash dividend of $0.10 per share payable on April 27, 2016, to common stockholders of record at the close of business on April 13, 2016. ■