Winnebago Industries (NYSE:WGO) stock is rising higher on Wednesday thanks to a strong performance for the fiscal third quarter of 2022.
Starting things off, the company saw adjusted earnings per share of $4.13. That EPS smashed through Wall Street’s adjusted EPS estimate of $2.96. It also represents an 84% increase from the $2.24 reported in the same period last year.
In addition, Winnebago Industries reported revenue of $1.5 billion for Q3. That was well above estimates of $1.2 billion. It also came in 52% higher than the company’s revenue of $960.7 million in Q3 2021.
Michael Happe, president and CEO of Winnebago, said the following in the report sending WGO stock higher today.
“We expect supply chain inconsistencies and inflation pressures to continue in the fourth quarter, and into our fiscal 2023, and we are focused on continuing to stay ahead of them by leveraging our resilient operating structure, deep and collaborative relationships with our dealers and suppliers, and highly-differentiated, premium portfolio of brands.”
WGO stock is seeing heavy trading today following positive earnings. As of this writing, roughly 800,000 shares of the stock have changed hands. That’s poised to overtake the company’s daily average trading volume of about 855,000 shares.
WGO is up 3.8% as of Wednesday morning. However, it’s also still down more than 36% since the start of the year.
Investors seeking out more recent stock market news will want to keep reading!
InvestorPlace has all of the latest stock market news that traders need to know about for Wednesday! That includes why Revlon (NYSE:REV) stock is ramping up, what has oil prices down and what’s weighing on Meta Platforms (NASDAQ:META). You can learn more about that at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
