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Source: Tupungato / Shutterstock.comWinnebago Industries (NYSE:WGO) stock is rising higher on Wednesday thanks to a strong performance for the fiscal third quarter of 2022.
Starting that off is adjusted earnings per share of $4.13. That smashed through Wall Street’s adjusted EPS estimate of $2.96 for the quarter. It also represents an 84% increase from the $2.24 per share reported in the same period of the year prior.
In addition to that, Winnebago Industries reported revenue of $1.5 billion. That’s well above analysts’ estimate of $1.2 billion for the period. It also comes in 52% higher than the RV company’s revenue of $960.7 million from fiscal Q3 2021.
Michael Happe, president and CEO of Winnebago Industries, said the following in the earnings 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 its positive earnings report. 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 stock is up 3.8% as of Wednesday morning but is still down 36.7% 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, as well as what’s weighing on Meta Platforms (NASDAQ:META). You can learn more about that at the following links!
More Wednesday Stock Market News
- Revlon (REV) Stock Soars as the Top Short Squeeze Opportunity
- Why Are Oil Prices Down Today?
- Why Is Meta Platforms (META) Stock Under Pressure Today?
On the date of publication, William White did not have (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.
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