Despite consumers' past concerns about rising gas prices, the company that pretty much exemplifies the idea of "recreational vehicle" in many peoples' minds, Winnebago (NYSE:WGO), increased its first-quarter earnings, though a few signs may have made a few investors nervous.

Winnebago's first-quarter earnings increased 7.7% to $19.5 million, or $0.57 per share. Revenues increased 4.4% to $266.1 million. In the announcement, the company credited an increase in diesel motor home shipments as a positive driver of its business in the quarter.

However, in the short term, investors may want to be wary of a decreased backlog, which the company attributed to its new facility and "more appropriate levels of dealer inventory." In addition, dealer inventory increased.

Furthermore, Winnebago cited severe weather conditions (remember that parade of hurricanes that pounded Florida?) as having had a slight negative impact on business.

Despite these aspects, which may sour some investors, one thing makes the RV industry particularly appealing. The retirement of Baby Boomers translates into more people with leisure time who might choose RVs to travel the open roads.

Of course, Winnebago has more than its fair share of competition for the hearts of Boomers with wanderlust. Other names in the industry include Fleetwood (NYSE:FLE), Coachmen (NYSE:COA), Monaco Coach (NYSE:MNC), and Thor Industries (NYSE:THO).

Despite aspects that may give investors pause, Winnebago's cash flow statement paints a nicer picture. Over the course of the last nine months, the company's free cash flow increased 31% to $26.4 million. In addition, Winnebago doesn't have any debt, which is something investors always appreciate.

Even though today might have come across as a disappointment, long-term investors may very well see little to worry about, given some of Winnebago's positive attributes.

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Alyce Lomax does not own shares of any of the companies mentioned.