Winnebago Industries today reported financial results for the company’s first quarter of Fiscal 2014. Revenues for the 13 week first quarter ended November 30th and were $222.7 million, an increase of 15% versus the $193.6 million for the 14 week first quarter of Fiscal 2013. The company reported an operating income of $16 million for the quarter, an increase of 61% versus the $9.9 million for the first quarter of Fiscal 2013. Net income for the first quarter was $11.1 million which is an increase of 50.8%, versus the $7.4 million for the first quarter last year.
Officials say that the earnings in the 2014 first quarter were positively impacted by increased motorhome volumes as a result of higher dealer and retail demand, as compared to the 14 week first quarter of Fiscal 2013. Also in the quarter, shipping terms were revised to reflect delivery from Forest City to conform to standard industry practice which positively impacted shipments.
The increased production and delivery volumes, along with firmer pricing and strong demand for new products , as well as lower operating expense, provided more leverage that resulted in higher operating margins, net income and earnings per share as compared to the same quarter last year.