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Thanks apparently to Winnebago Industries Inc., today (June 17) turned out to be an excellent day for the investors in several RV company stocks.
Winnebago led the way with its stock gaining $4.85 a share today after reporting early this morning it had record sales and sharply higher earnings for the three-month period that ended May 29.
Motorhome manufacturer Winnebago’s stock closed today at $36.85 a share, approaching its 52-week high of $37.88, reached in late January.
Winnebago’s strong performance during its recently completed third fiscal quarter provided the first empirical evidence that the RV market has held up well despite sharply higher gasoline and diesel prices that began appearing during the March-through-May period.
Winnebago stock also benefitted from two other recent developments: a positive article in financial newspaper Barron’s and the announcement that the company will buy back more of its stock.
The Barron’s article suggested that Winnebago’s stock was undervalued by the financial market because too much focus had been placed on higher gas prices, and not enough attention given to the demographic trend – the huge Baby Boomer generation entering peak RV-buying years – that favors the RV industry.
Meanwhile, Winnebago also announced today that it will buy back up to $30 million worth of its own stock, which would reduce the supply of Winnebago shares on the market and would be expected to boost the company’s stock price.
Winnebago also announced today it has just completed the repurchase of a little more than 384,500 of its own shares for around $10.3 million.
The evidence that the RV market is brushing off high gas prices had a positive impact on the following RV companies’ stocks today:
• Thor Industries Inc., gained $3.06 to close at $32.18.
• Monaco Coach Corp., gained $1.31 to close at $28.71.
• Fleetwood Enterprises Inc., gained $1.15 to close at $14.51.
• National RV Holdings Inc., gained 75 cents to close at $14.45.
• Supplier firm Drew Industries Inc., gained $1.37 to close at $39.29.
• Supplier firm Decorator Industries Inc. reached a new 52-week high of $8.50 a share before closing at $8.45, up 35 cents for the day.