Across Wall Street, many investors are waiting with bated breath for the latest pronouncement from the Federal Reserve on monetary policy. What had seemed to be a certain boost in interest rates now seems less certain, because the Fed has to consider the potential impact of further rate hikes on the banking system. That had markets largely in a holding pattern early Wednesday, with futures on the S&P 500 (^GSPC -0.74%) showing little change in premarket trading.

Yet for most companies, Fed policy isn't as important as how their businesses are running. That's why shares of Winnebago Industries (WGO -1.59%) and Ollie's Bargain Outlet (OLLI 0.57%) moved higher early Wednesday, as the two companies reported solid financial results that pointed to continued success regardless of what the central bank might choose to do with monetary policy. Read on to get the details.

Winnebago drives higher

Shares of Winnebago Industries traded higher by about 4% in premarket trading. The maker of recreational vehicles and other leisure transportation products reported fiscal second-quarter financial results for the period ending Feb. 25, and investors largely liked what the company had to say despite seeing evidence of ongoing macroeconomic pressures.

The slowdown in the economy was apparent from Winnebago's results. Revenue for the quarter was down 26% year over year to $867 million, as price increases weren't sufficient to offset sizable declines in unit sales volume. Moreover, higher material and input costs drove gross margin down nearly 2 percentage points to 16.9%. On the bottom line, net income fell 42% from year-ago levels to $52.8 million, and that produced adjusted earnings of $1.88 per share.

However, Winnebago was upbeat. In particular, it was pleased with the way that its marine segment performed, with sales climbing 16% and helping to balance out a massive 47% sales drop in the towable RV segment. Meanwhile, Winnebago's motor-home division held up reasonably well, as revenue was down just 3% compared to the same period a year ago.

Times have definitely changed for the RV industry in the past year. But investors like that Winnebago is putting itself in position to be as efficient as possible, emphasizing profit and connecting to more customers through its well-known brands. That strategy should pay dividends once the economy recovers more fully.

Investors think Ollie's stock is a bargain

Shares of Ollie's Bargain Outlet Holdings got a nice bump on Wednesday morning, rising 12% in premarket trading. The discount retail stock made investors happy with its fiscal fourth-quarter financial report for the period ending Jan. 28.

Ollie's enjoyed a rebound in its core business. Revenue was up nearly 10% to $550 million, as the retailer posted comparable store sales gains of 3%. That reversed a 10.5% drop in comps a year ago, and Ollie's opened five new stores during the past three months as well. Adjusted net income of $52.4 million was up 19% year over year, working out to $0.84 per share.

Ollie's pulled out all the stops in boosting its business performance. Despite heavy promotional activity across the industry, Ollie's boosted its gross margin by more than a full percentage point to 37.6%. The retailer also managed to control its costs, limiting increases in operating expenses and helping to bolster its bottom line.

Looking ahead, Ollie's was cautiously optimistic, projecting comparable store sales gains of 1% to 2% and revenue of $2.036 billion to $2.058 billion. With consumers struggling to make ends meet, Ollie's has a real opportunity to defy its naysayers, show its value to customers, attract new shoppers to its stores in 2023.