Winnebago Industries Inc. (WGO), a maker of recreation vehicles, Thursday reported narrower loss for the first quarter of fiscal 2010, driven by revenue growth.
The company's first-quarter net loss was $1.34 million, compared with a net loss of $9.60 million a year ago. On a per share basis, loss narrowed to $0.05 from $0.33 in the prior-year quarter.
Winnebago said that the net loss for the quarter reflected the positive impact of $4.9 million in tax benefits associated with additional fiscal year 2009 net operating loss carryback due to recent tax law changes.
On average, 4 analysts polled by Thomson Reuters expected a loss of $0.07 per share for the quarter. Analysts' estimate typically excludes one-time items.
Winnebago's quarterly revenues rose 16.7% to $81.02 million from $69.4 million last year. Analysts had a consensus revenue estimate of $108.22 million.
Commenting on the results, Winnebago Industries' Chairman, Chief Executive Officer and President Bob Olson stated, "As difficult as this recession has been for Winnebago Industries and the entire RV industry, we believe the worst may be over."
Further, the company said that sales order backlog totaled 1,521 motor homes at November 28, 2009, up 350% compared to the end of the year-ago first quarter. The company also said that it has seen particular strength in the backlog for its Class A gas and diesel products.
"While the economic environment, the availability of credit and the level of retail demand remain tenuous, we believe that dealer inventory has finally bottomed out," Olson noted.
WGO closed Wednesday's trading at $10.90, up $0.19, on a volume of 390,800 shares.
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