Iconic RV maker Winnebago Industries (WGO -3.30%) just posted impressive results for its fiscal 2022 year, ended Aug. 27, rolling out new records for revenue, market share, and gross margin.

With the global RV market projected to grow at an annual rate of almost 7% through 2028, let's take a closer look at Winnebago's latest results and why this RV stock could be due for a rebound.

A record year for Winnebago

For the year, the Minnesota-based company achieved all-time-high revenue of nearly $5 billion, up more than 36% over its fiscal 2021 sales. Winnebago cited its recent purchase of Barletta Boat Company in 2021 as a major driver of the record figures, as well as price adjustments and "strong consumer demand for Winnebago Industries' products."

Profitability also hit a new record in fiscal 2022 with gross margin reaching 18.7% for the year, up 80 basis points from 2021. Improved operating leverage, along with price increases, helped bolster margins despite higher material and component costs, supply chain pressures, and production inefficiencies.

The RV maker was able to carve out more market share in fiscal 2022, gaining an additional 20 basis points year over year. Management now looks to build upon a trailing-12-month RV market share of 12.7% -- the company's highest percentage to date.

Winnebago's fourth-quarter top-line revenue of $1.18 billion marked a nearly 14% increase over the prior-year period, and profit of $210.4 million represented a 12.4% rise. Operating income for the quarter saw a 3% boost.

Q4 sales miss and shrinking margins

Closing out a banner year, Winnebago actually missed on sales estimates for the fourth quarter, and the stock plunged as much as 13% the day earnings were released. But Winnebago stock has now climbed back toward its pre-earnings-release price range.

Gross profit margin saw a drop in the fourth quarter to 17.8% due to higher operating expenses. As expected, profit also took a hit, falling 1.8% to $82.6 million. While revenue increased nearly 14%, total operating expenses jumped more than 29%. Supply chain constraints, combined with more expensive materials, were the main headwinds for the quarter.

Although Winnebago's profit margin came in below Wall Street estimates, CEO Mike Happe reaffirmed on the earnings call, "It is by no means a sign of deterioration of margins that's going to continue in earnest." He also stated that margins should stabilize in the next one to three quarters.

Diversifying its business

Amid challenges, Winnebago made significant strides in growing both its RV and marine businesses, especially considering the macro environment. According to Happe on the earnings call, "It is no secret that demand for outdoor products exploded in the last two years and that new consumer trends have emerged, which will impact our industries forever."

Recognizing that outdoor demand has started to normalize, Winnebago now looks to maintain a diversified presence in the outdoor market, offering towables, RVs, and recreational boats. Looking forward, Happe feels the company is better-positioned than ever "to serve a wide range of consumers."

Boosting its dividend

In a show of confidence, Winnebago recently raised its dividend by 50% in August -- the same increase that it did last year. If that doesn't get investors' attention, the company repurchased $80 million worth of Winnebago shares in Q4 -- another record.

Interested investors should stay tuned for more company announcements on Winnebago's upcoming investor day, scheduled for Nov. 15. If this iconic American RV, trailer, and boat maker can continue to grow market share while reducing overhead, watch for a recovery in Winnebago stock.