Winnebago Industries, Inc. (NYSE:WGO) reported its Q4 earnings, with better-than-expected results across most metrics while the company continues to gain share in the channel and sees ever-growing backlogs and record-low inventories, further extending the replenishment story. Quarterly EPS came in at $2.57, better than the Street estimate of $1.99.

While management addressed the growing bear cases facing the industry, it is difficult to prove a negative, and investors will likely need to see ongoing evidence as to the durability of RV demand to award the company with anything but the currently-discounted multiple.