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Text: I'm joined on the call today by Michael Happe, president and chief executive officer; and Bryan Hughes, senior vice president and chief financial officer.
Additionally, we have posted our first-ever quarterly earnings supplement, a compilation of slides that should serve as an efficient way to understand our second-quarter results and provide context related to our company and industry trends.
These factors are identified in our SEC filings, which I encourage you to read.
As always, we genuinely appreciate your interest in Winnebago Industries and for taking the time to join us.
As we continue to navigate the pandemic, we very much wish great health for each of you.
Now we have stated it often, but these are interesting, dynamic and exciting times for our company.
Then I will offer some closing thoughts, and we will conclude with a Q&A session.
We are very pleased to share that Winnebago Industries delivered another quarter of outstanding financial and operational results.
On a year-over-year basis, we grew our top-line net sales by 34%, expanded gross margins 590 basis points, and increased operating income by 237%.
These outcomes are especially a reflection of the extraordinary Winnebago Industries team who continue to deliver time after time while leading with our values in all they do.
Our teammates are truly our greatest asset, and we are very focused together as one enterprise organization on creating tremendous value for our end customers, channel partners, communities, and shareholders.
In addition to our employees and their impressive agility, Winnebago Industries continued growth and successful execution is attributable to three other key drivers: number one, our leading portfolio of premium outdoor brands, Winnebago, Grand Design, Newmar and Chris-Craft; second, Winnebago Industries' ongoing commitment to operate with excellence and deliver exceptional quality, innovation and service in everything we do; and lastly, a win-win partnership mentality with our valued dealer network to create and sustain strong consumer demand for our leading portfolio of outdoor products.
While we have undoubtedly been active via acquisitions in the last four-plus years, fiscal-year 2021 quarter 2 represents a truly organic year-over-year comparison in total performance.
The second quarter of fiscal-year 2020 was the first full quarter in which Newmar's luxury Motorhome line was included in our world-class portfolio.
One year later, we continue to nurture the tremendous appeal of Newmar's growing product lineup and its relentless focus on craftsmanship, quality, and customer care.
Our collective enterprise results in the second quarter of fiscal-year 2021 validate a strong, complete, full-line RV strategy is now in place here at our company, and premium organic portfolio of RV brands are positioned to compete vigorously in the years ahead.
Now, there is a distinct strategic cause-and-effect linkage between our premium brands, our golden threads of quality, innovation, and service, and the strong financial results that are being shared with all of you today.
Differentiation and strong value can drive sustained market and financial performance.
That is and will always be our goal.
Additionally, our team's ability to navigate constantly challenging environments related to component cost and availability is on display through our numbers as well.
We took and will take actions to ensure our pricing reflects both the surging demand for our premium brands, but also the input cost inflation that is expected in the coming quarters.
Our ability to sell products at attractive margins and continued low levels of discounting seen across the RV industry contributed to our profitability performance in the quarter and continues to reinforce our brand strength with dealers and end consumers.
And as importantly, our enterprisewide commitment to operational excellence, productivity, continuous improvement, strategic sourcing, etc.
, was also a significant driver of our performance and resulted in strong second-quarter profitability.
As a result, our consolidated second-quarter gross margin of 18.6% represents an increase of 590 basis points versus last year.
We are passionate about driving operational leverage within the business and maximizing the return from our current assets.
Our manufacturing processes are running daily at peak levels as the supply chain allows.
And executing against an increasingly robust order backlog to replenish, as quickly as possible, inventories for our dealer partners.
The shift we made in the back half of fiscal-year 2020 to fully build to confirm dealer order production in our Winnebago-branded RV businesses continues to serve us well in terms of profitability and working capital management.
While demand-driven supply chain challenges regularly impact our production, particularly in Class A Motorhomes, we will constantly work with our supply partners to manage any future disruptions as best we can.
Our Q2 results demonstrate that supply network is assisting an incredible year-over-year production volume increase.
And for that, we are appreciative, maintaining gratefulness in context.
But we also continue to be restrained from hitting full manufacturing potential given almost daily component availability challenges.
Quarter 2 lost net sales due to sourcing constraints was easily eight figures across the portfolio.
That revenue opportunity remains inherent in our potential as we transition into quarter 3.
The third major driver of our fiscal-year 2021 second-quarter performance was sustained strong consumer demand for our products, both as wholesale appetite from our dealers, but especially at retail with end consumers.
We are not seeing any significant decline in retail momentum and outdoor product demand as we turn into the spring 2021 selling season.
SSI results are often a lagging incomplete barometer of the retail health in the industry.
And our company's retail numbers in the first two to three weeks of March have actually shown sustained strength and even an uptick in certain categories.
The RV and marine industry have succeeded in comping effectively over a somewhat normal pre-pandemic period in early calendar 2020.
In the next three months of 2021, March through May, which is our quarter 3, we'll see strong retail and wholesale comparisons versus a period of intense marketplace disruption a year ago.
Throughout the pandemic, we have proven our resilience and ability to execute during difficult macroeconomic and large-scale health crisis conditions just as Winnebago Industries has continued to expand our reach during other challenging periods in our history.
Currently, we are experiencing a flattening of seasonality of wholesale and at retail.
Our calendar 2021 January and February retail sales were similar to our November and December performance, underscoring that even through the typically slower winter months, consumers are excited about our brands and intent on securing the product they need to have extraordinary experiences with family and friends this summer.
The strong demand undercurrent we are seeing presently has meaningful implications on our business now, as well as over the long term.
Welcoming new entrants to the outdoor lifestyle allows Winnebago Industries the opportunity to capture significant customer lifetime value that our portfolio provides.
First-time buyers of both Motorhomes and Towables tend to gravitate toward value models.
By delivering our golden threads of quality, innovation, and service, as well as the breadth of premium products for families to grow into over time, we are cultivating a broad growing pipeline of Winnebago Industries consumers as they upgrade, on average, every three- to five-year-olds when staying within the lifestyle.
As we continue to persevere and grow our business, we have also made it a priority to enhance and advance our corporate responsibility efforts and ensure that our company has the resources, infrastructure, and commitment to be a valued partner to the communities in which Winnebago Industries stakeholders live, work and play.
Second-quarter consolidated revenues were a record $839.9 million, which is an increase of 34% compared to $626.8 million for the fiscal 2020 period driven, as Mike noted, by strong consumer demand for Winnebago Industries' great brands.
As Newmar operations were fully included in our fiscal 2020 second quarter, we will no longer be speaking to reported versus organic sales as it relates to Newmar for our quarterly results.
As a reminder, 100% of Newmar is reported in the result of our Motorhome segment.
We achieved another period of very strong profitability in the second quarter of fiscal 2021.
Gross profit margin increased 590 basis points to 18.6%, while adjusted EBITDA margin increased 570 basis points to 12.9% compared to 7.2% for the fiscal 2020 period.
Similar to our fiscal 2021 Q1 performance, this significant margin expansion was driven by favorable pricing, including lower discounts and allowances; productivity initiatives; operating leverage approximating 200 to 250 basis points, and segment mix.
Reported earnings per diluted share were a record $2.04 compared to reported earnings per diluted share of $0.51 in the same period last year.
Adjusted earnings per diluted share were likewise a record at $2.12 in the second quarter for an increase of 216% compared to the same quarter in fiscal 2020.
Adjusted EBITDA was $108 million for the quarter, compared to $45.4 million last year, which is an increase of 138%.
The increases in both adjusted earnings per diluted share and adjusted EBITDA were driven by strong unit growth, pricing actions, and productivity initiatives, most notably in the Motorhome segment.
Now, I'll turn to our segment performance, starting with Towables.
Revenues for the Towable segment were $439.3 million for the second quarter, up 55% over the prior year, driven by elevated consumer demand across the Towables portfolio.
Winnebago Industries unit share of the North American towable market continues to grow as share on a trailing three-month basis through January 2021 was 12.4% or an increase of 80 basis points over the same period last year.
Segment adjusted EBITDA was $62.4 million, up 79.5% over the prior-year period.
Adjusted EBITDA margin of 14.2% increased 190 basis points primarily due to favorable pricing and operating leverage.
Next, let's turn to our Motorhome segment.
In the second quarter, revenues for the Motorhome segment were $382.6 million, up 17.5% from the prior year, driven by increased unit sales in our Class B and Class C products.
Compared to the same period last year, second-quarter Class C unit sales were up 24.5%, while Class B products were up a very robust 81%.
Class B market share continues to be strong, as evidenced by our rolling three-month retail unit market share of 45.7% through January of 2021.
Similar to last quarter, our Newmar business continues to be challenged by supply issues that are more pronounced relative to our other RV businesses due to the more specialized supplier base that serves this high-end business unit.
We estimate the revenue impact to be in the tens of millions of dollars through Q2 year-to-date.
Segment adjusted EBITDA was $51 million, up 241% from the prior year.
Adjusted EBITDA margin increased 870 basis points over the prior year to 13.3%, driven by our ongoing focus on operational efficiency, including the transition to a build to dealer order business model in the Winnebago-branded Motorhome business, as well as several other operating improvements and lean initiatives that our business have pursued over the past several years, in addition to pricing actions to ensure our pricing is commensurate with market dynamics and also operating leverage.
While we continue to anticipate inflationary pressures and remain conscious of competition that may impact our net pricing equation, as well as continued supply chain challenges, we are encouraged by another quarter of sustained improvements to our margin in this segment.
As we have stated previously, we continue to expect to achieve a level of sustained profitability that is notably above the 4% to 5% EBITDA yield we've delivered in this segment for the past several years.
We are pleased to see this meaningful improvement and progress against our strategic focus on restoring leadership in our Motorhome segment.
Now, turning to the balance sheet.
Continuing the trend from Q1, our leverage ratio, net debt-to-adjusted EBITDA continued to decline and is now 1.0 times, which is toward the lower end of our targeted range of 0.9 to 1.5 times, driven by both strong EBITDA generation and lower net debt due to the increasing cash balance of now $333 million.
Total liquidity, including our untapped ABL, is now in excess of $500 million.
Cash flow from operations was a healthy $66.9 million for the first half of fiscal 2021.
Working capital remained slightly elevated due to the inconsistent supply chain delivery but we continue to expect further improvements in this area in the coming quarters.
Our effective tax rate increased to 23.4% for the first six months ended February 27, 2021, from 20.1% for the same period last year primarily due to consistent year-over-year credits over higher current-year pre-tax income and favorable R&D discrete items in fiscal 2020.
For the full year, we currently expect our tax rate to approximate 23.5% to 24%, including all discrete -- or I'm sorry, excluding all discrete items from year-to-date results, and those that may occur in the remainder of the year.
Our capital allocation priorities remain consistent with those communicated in the past, investing in our businesses to drive organic growth, executing strategic expansion to our portfolio through M&A, maintaining a strong liquidity position, managing our leverage ratio within our targeted range, and returning cash to shareholders.
During the second quarter, we paid a dividend of $0.12 per share on January 27, 2021, and our board of directors just approved a quarterly cash dividend of $0.12 per share payable on April 27, 2021.
That concludes my review of our quarterly financials.
Before we open the call to questions, I want to touch efficiently on three topics: one, our estimates for RV industry retail and wholesale performance in fiscal-year 2021; two, our thoughts on the probable length of the RV field inventory replenishment cycle and steps we are taking to expand capacity; and three, recent progress at Winnebago Industries on important corporate responsibility priorities.
In our fiscal 2021, which is September of 2020 through August of 2021, we believe RV industry retail will grow in the mid- to upper single digits, while industry wholesale shipments in that same period will grow approximately 40% to 45%.
Quarter 3, March through May for our company, industry retail should be especially strong given the comparisons versus 2020.
But quarter 4 for our organization, June through August, industry retail will see a more challenging comparison environment due to record-breaking bounce-back RV retail last summer.
It is always our intention over the long-term for Winnebago Industries' retail pace to exceed that of the industry.
Please note that our fiscal industry wholesale shipment projection considers and aligns with the RV Industry Association calendar year 2021 industry midpoint forecast of approximately 533,000 units, or plus 24%, a forecast which we support.
Our most recent field inventory reports early here in quarter 3, continue to show low field inventory levels in Winnebago Industries' RV and marine businesses.
Depending on the brand or the product category, field inventory is anywhere between 20% lower than a year ago to 60% lower.
While many of the dealers we visit with regularly have a desire to run their operations at a higher turn level in the future than that of the pre-pandemic days, they are many, many, many months from reaching that targeted turn rate.
We anticipate that unless there is unexpected severe disruption to our own or the industry's retail performance due to macroeconomic or health developments, that it will take through our entire fiscal-year 2022 to have most of our businesses in a more normal retail to wholesale replenishment status.
To support this drive to replenish field inventory, we are actively pursuing and executing several capacity expansion projects within our company, which will position our organization well for future market share gain opportunities.
Some investments are organic and do not require the addition or expansion of square footage or overhead, while other projects will necessitate a physical increase in infrastructure.
Each RV and marine business unit here in Winnebago Industries has active capacity expansion efforts under way.
We will not share details for competitive reasons.
Physical assembly line extensions, standing up new lines in existing buildings, adding vertical manufacturing space and capacity, constructing new assembly buildings, shifting product lines and mix within our existing lines and facility, along with online productivity and lean initiatives that reduce waste and improve output rates, each of these are active today across our portfolio.
Multiple eight figures of capital is being invested currently and will likely continue well into fiscal-year 2022, and our financial results should gradually show the benefit of these investments each quarter.
Earlier this month, Winnebago Industries announced we are expanding our long-standing partnership with the National Park Foundation, funding a new initiative to create more equitable outdoor spaces by connecting women and outdoor enthusiasts of color with meaningful career opportunities in national parks.
Initiatives like these are not only demonstrative of our enterprise brand tag line, Be Great, Outdoors, but enable us to support our communities in meaningful ways that enhance the long-term sustainability of our business.
In addition to pursuing external social initiatives, we also are focused internally on responsible governance.
Just last week, we announced the appointment of two new members to our board of directors.
Jacqueline Woods and Kevin Bryant bring deep professional active experiences and differentiated valued skill sets that will help Winnebago Industries continue along its strong transformational path of growth and innovation.
Both Jacqueline and Kevin have extensive experience in building inclusive high-performing teams that are market-focused.
We look forward to their input and guidance as Winnebago Industries continues to strategically progress into a more competitive, diverse, and profitable outdoor lifestyle company.
Looking forward to the second half of fiscal 2021, Winnebago Industries remains committed to advancing our core values and our operations, and our communities, executing on our strategy, capitalizing on opportunities created by favorable market dynamics, and innovating to sustain the unique appeal of our products with consumers.
I will now turn the line back over to the operator to facilitate the taking of questions.

user
compname posts q2 earnings per share of $2.04.
q2 adjusted earnings per share $2.12.
q2 earnings per share $2.04.
q2 revenue $839.9 million versus refinitiv ibes estimate of $801.1 million.

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