Winnebago Industries, Inc. (NYSE:WGO) Q3 2018 Earnings Conference Call - Preliminary Transcript

Jun 20, 2018 • 10:00 am ET


Winnebago Industries, Inc. (NYSE:WGO) Q3 2018 Earnings Conference Call - Preliminary Transcript


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Good day, ladies and gentlemen. And welcome to the Quarter Three Winnebago Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct the question-and-answer-session and instructions will follow at that time (Operator Instructions). I would now like to introduce your host for today's conference, Mr. Steve Stuber, Director, Financial Planning and Analysis and Investor Relations. Sir, you may begin.

Steve Stuber

Good morning, everyone. And thank you for joining us for Winnebago Industries conference call to review the Company's results for the fiscal 2018 third quarter which ended May 26, 2018. I am joined on the call today by Michael Happe, President and Chief Executive Officer; and Bryan Hughes, Vice President and Chief Financial Officer. This call is being broadcast live on our Web site at, and a replay of the call will be available on our Web site later today. The news release with our third quarter earnings result is issued and posted to our Web site earlier this morning.

Before we start, I'd like to remind you that certain statements made during today's conference call regarding Winnebago Industries and its operations, maybe considered forward-looking statements under securities laws. The Company cautions you that forward-looking statements involve a number of risks, and are inherently uncertain in a number of factors, many of which are beyond the Company's control, could cause actual results to differ materially from these statements. These factors are identified in our SEC filings, which I encourage you to read. With that said, I would now like to turn the call over to our President and CEO, Michael Happe. Mike?

Michael Happe

Thank you, Steve and good morning everyone. We sincerely appreciate each of you for joining in on the call this morning as we review Winnebago Industries fiscal year 2018 third quarter results. As always, there are numerous topics to discuss. I will begin this morning's session with a high-level summary of the quarterly results, and then will hand the floor over to our chief financial officer, Bryan Hughes. Bryan will describe in greater detail our financial performance. I will return with closing comments as we review progress on several strategic initiatives. And we will end this morning's call with a Q&A session.

Our third quarter performance reflects our team's continued progress toward building a larger, broader and more profitable premier outdoor lifestyle company. Despite increasing headwinds on the material cost side, our team drove strong top and bottom-line results in Q3 with impressive growth relative to last year. Our emerging Towables business segment again led the way in terms of market and financial performance, yet we also continue to see positive signs of our Motorized business gaining traction on improved internal and external progress. And while not of any financial consequence within the third-quarter, we announced on June 4 our expansion into a new outdoor lifestyle segment via the acquisition of America's luxury boat builder, Chris-Craft.

Consolidated third-quarter revenues increased 18% year-over-year with strong organic growth driven by both of our Towables