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Omar Venerio
Omar Venerio
Articles (1463) 

Global Markets Start the Week Lower

Winnebago Industries reports earnings

U.S. stocks were in the red on Monday, with investors worried about global economic growth. The Dow Jones Industrial Average fell 0.16% to 25,465, the S&P 500 index lost 0.23% to 2,794 and the Nasdaq Composite Index declined 0.29% t 7,620.

Shares of Winnebago Industries Inc. (NYSE:WGO) were flat on Monday after the company announced second-quarter results. Revenue declined 7.6% from the prior-year quarter to $432.69 million, falling $10.36 million short of expectations. Earnings of 60 cents per share were in line with analysts’ estimates.

“Although company sales decreased modestly, we continued to materially outpace the industry and expand our year-over-year margins, primarily due to the improved product vitality and profitability of our Motorhome segment and the continued strength and momentum of our Towables segment,” President and CEO Michael Happe said.

The gross profit was $66.4 million, down 1.8% from $67.7 million in the prior-year quarter. The gross profit margin inched up 100 basis points, driven by revenue mix, pricing and operational improvements in the Motorhome segment. The operating income declined 18% to $28.9 million from $35.3 million in the year-ago quarter. 

Gainers

Losers

Global markets

The main European stock markets closed lower. The U.K.'s FTSE 100 dipped 0.42%, France's CAC 40 fell 0.18%, Germany's Dax slid 0.15% and Spain's IBEX 35 declined 0.21%.

In Asia, Japan's Nikkei 225 plummeted 3.01%, India’s BSE Sensex swelled 0.93%, Hong Kong's Hang Seng fell 2.03% and China's Shanghai Composite tumbled 1.97%.

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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