Winnebago Industries Inc. (NYSE: WGO) reported Thursday that the company continues to lose money in its fiscal first quarter, though its net loss narrowed from a year ago as the RV market showed signs of improvement.
The recreation vehicle maker said Thursday its order backlog more than quadrupled during the quarter, while dealer inventory fell 52 percent. Its loss was smaller than analysts expected, sending shares climbing in morning trading.
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The RV industry has been pounded during the recession, as falling income and rising unemployment have caused consumers to reconsider purchases of big discretionary items. RV demand cratered during the first half of the year, though it has been leveling off in recent months. The RV Industry Association said dealers ordered 23 percent more RVs in October compared with last year, the most recent month that figures are available.
Winnebago lost $1.3 million, or 5 cents per share, during the three months ended Nov. 28. It lost $9.6 million, or 33 cents per share, in the same period last year.
Revenue rose 17 percent to $81 million. Analysts surveyed by Thomson Reuters called for a loss of 7 cents per share on $108.2 million in revenue.
Shares of Winnebago surged $2.43, or 22.3 percent, to $13.33 in midday trading. The stock has gained more than 80 percent since the start of the year, fluctuating between $3.14 and $16.44.
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