Winnebago to cut leverage below 1.5x from 2x by year-end fiscal 2020

By Devika Patel

Knoxville, Tenn., Dec. 20 – Winnebago Industries Inc. plans to be back in its targeted net debt to trailing 12 months’ adjusted EBITDA range of 0.9x to 1.5x by the end of fiscal 2020.

The company’s leverage was 2x as of Friday.

“Our goal is to focus on returning to our targeted leverage ratio range of 0.9x to 1.5x near the end of fiscal 2020,” treasurer, chief financial and accounting officer Bryan L. Hughes said on the company’s first quarter ended Nov. 30 earnings conference call on Friday.

Consolidated adjusted EBITDA was $42 million for the quarter, compared to $38.5 million last year.

Cash and cash equivalents were $101,328,000 as of Nov. 30, compared to $37,431,000 as of Aug. 31.

As of Nov. 30, the company had $463.5 million of total outstanding debt.

The Forest City, Iowa-based company makes recreational vehicles.

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