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Omar Venerio
Omar Venerio
Articles (1351) 

Wall Street Green in Premarket Trading Wednesday

Winnebago Industries plunges despite revenue beat

U.S. markets opened higher on Wednesday as investors await the conclusion of the Federal Open Market Committee meeting. 

Shares of Winnebago Industries Inc. (NYSE:WGO) plunged on the heels of the company reporting its financial results for the second quarter. The company posted adjusted earnings per share of 62 cents on revenue of $468.36 million, an increase of 26.4% from the prior-year quarter. While earnings came in one cent below expectations, the company beat revenue estimates by $25.96 million.

Gross profit reached $67.7 million, an increase of 37.2% from the prior-year quarter. The gross profit margin inched up 110 basis points due to the growth in the Towable segment, which accounted for 57% of revenues for the quarter.

Operating income was $35.3 million, an increase of 24.2% from $28.4 million in the year-ago quarter. Net income was $22.1 million, an increase of 44.6% from $15.3 million in the same period last year. Consolidated adjusted EBITDA was $39.4 million, 35.5% growth from a year ago.

In addition, the board of directors approved a quarterly cash dividend of 10 cents per share.

Gainers

Losers

Global markets

The main European stock markets closed mostly lower. The U.K.'s FTSE 100 lost 0.32%, France's CAC 40 declined 0.24% and Spain's Ibex 35 fell 0.56%. Germany's Dax, however, gained 0.01%.

In Asia, India’s BSE Sensex gained 0.42%, but China's SSE Composite slid 0.29%, Hong Kong's Hang Seng retreated 0.43% and Japan's Nikkei 225 fell 0.47%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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