Winnebago Industries, Inc. said its board raised its quarterly dividend by 50 percent and approved a new share repurchase authorization program.
The company’s Board of Directors approved a quarterly cash dividend of 27 cents per share payable on September 28, 2022, to common stockholders of record at the close of business on September 14, 2022.
Today’s dividend declaration represents a 50 percent or $0.09 per share increase from the previous quarter. This increase follows the 50 percent increase that the company announced in the prior year.
With this announcement, Winnebago Industries has paid a quarterly cash dividend to common stockholders of record for the last 33 quarters.
In addition, the Board of Directors approved a new share repurchase authorization of up to $350 million of the company’s common stock. The share repurchase authorization replaces the previous $200 million share repurchase program that was fully depleted with $80 million of share repurchase completed in the fourth quarter of fiscal 2022.
“This significant dividend increase and new share repurchase authorization reflect Winnebago Industries’ strong performance, our confidence in the business, and our commitment to creating value for shareholders,” said President and CEO Michael Happe. “These actions exemplify the optimism we have in our future performance driven by our belief in the sustained health of the outdoor industries we serve. Our portfolio of premium outdoor lifestyle brands is well-positioned for continued growth and market-share accretion. With solid cash flow, enhanced liquidity with a recently expanded $350 million credit agreement, and a low net leverage ratio, we have a strong, healthy balance sheet, and we will continue to pursue organic and inorganic growth opportunities.”
Winnebago Industries brands include Winnebago, Grand Design, Chris-Craft, Newmar, and Barletta.
Photo courtesy Winnebago