Winnebago Industries grew fourth-quarter revenues 40.4% year over year, and 56.8% on an organic basis ex-Newmar, compared to our fiscal 2019 fourth quarter.
Second, Winnebago Industries trend of expanding market share accelerated in the fourth quarter, gaining a full 2.1 percentage points of share during the three-month period ending August.
Our employees now 6,800 plus drawn with the addition of Barletta, have worked tirelessly to provide the high-quality products and exceptional service our customers and dealer partners have come to expect.
Over 10 million households camp for the first time in 2020, and we are tracking toward another estimated 4.3 million households to have their first camping experience in 2021.
As of August 2021, our RV fiscal year-to-date market share is now 12.5%, up 140 basis points from the same period last year.
These operational efforts can be clearly seen as we kept off the fiscal year with record consolidated annual gross margins of 17.9%.
Fourth-quarter revenues were a record $1 billion, an increase of 40% compared to the fiscal 2020 fourth quarter.
Fourth quarter consolidated gross profit margin of 18.1% was up 150 basis points compared to the same period last year due to leverage, pricing, including lower discounts and allowances and profitability initiatives.
Fourth-quarter earnings per diluted share was a record $2.45, an increase of 96% versus the same period last year.
Fourth-quarter adjusted earnings per diluted share was a record $2.57, up 77% versus the same period last year.
Consolidated fiscal 2021 record revenues of $3.6 billion increased approximately 54% from $2.4 billion in fiscal 2020, positively impacted by strong consumer demand for Winnebago Industries product, coupled with continued RV market share gains.
Annual gross profit margin improved 460 basis points to a record 17.9%, primarily due to robust fixed cost leverage, profitability initiatives, increased pricing, including lower discounts and allowances and favorable segment mix.
Full-year earnings per diluted share were a record $8.28, an increase of 350% compared to fiscal 2020.
Annual adjusted earnings per diluted share also hit a record high of $8.55, an increase of 231% compared to adjusted earnings per diluted share of $2.58 in the same period last year.
Towable segment revenues for the fourth quarter were $560 million, up approximately 35% from $414 million in fiscal 2020, primarily driven by strong-end consumer demand and pricing, which was implemented to offset inflationary cost input pressures.
Segment adjusted EBITDA for the fourth quarter was $83.4 million, up approximately 36% year over year, primarily driven by the higher revenues.
Fourth-quarter adjusted EBITDA margin of 14.9% increased 10 basis points, compared to the same period last year, primarily driven by operating leverage, which was offset by a shift in mix favoring travel trailers versus fifth wheel.
For the full-year fiscal 2021, revenues for the towable segment were a record $2 billion, up 64% from fiscal 2020, driven by high demand for our towable products and pricing, which was implemented to offset inflationary cost input pressures.
Segment adjusted EBITDA for the full year was $289 million, up 95% from fiscal 2020.
Segment adjusted EBITDA margin of 14.4% increased 230 basis points for the full year over fiscal 2020.
In the fourth quarter, revenues for the motor home segment were $448.9 million, up approximately 49% from the prior year, driven by strong end consumer demand, particularly in class B and class A and pricing, which was implemented to offset inflation.
Segment adjusted EBITDA was $50.4 million, up approximately 159% from the prior year.
And adjusted EBITDA margin was 11.2%, an increase of 480 basis points over the prior year and 150 basis points sequentially, driven by fixed cost leverage and profitability initiatives.
For the full-year fiscal 2021, revenues from motor home segment were $1.5 billion, up approximately 46% compared to fiscal 2020 due to increased unit sales and pricing.
Segment adjusted EBITDA for the full year was $169.2 million, up 414% from fiscal 2020.
Segment adjusted EBITDA margin for the full year was 11%, up 790 basis points over fiscal 2020.
The company had outstanding debt of $528.6 million comprised of $600 million of gross debt, net of convertible note discount of $60.4 million and net of debt issuance costs of $11.1 million.
Working capital was $651.6 million.
Our current net debt to adjusted EBITDA ratio is 0.4 times, below our targeted range of 0.9 to 1.5 times providing financial flexibility and balance sheet strength to enable continued investment in our strategic imperatives and health returns for our shareholders.
Our cash balance increased to $434.6 million at the end of fiscal 2021, and we have not drawn on our $192.5 million ABL.
This liquidity of approximately $627 million provided the necessary funding for the Barletta acquisition, which closed in early fiscal 2022.
We also bought back approximately $45 million worth of shares throughout the year with approximately $35 million occurring in the fourth quarter.
Combining share repurchases with dividends paid, Winnebago Industries returned a total of $62 million to shareholders in fiscal 2021, while also growing the business significantly.
The effective income tax rate for the full year was 23.3% compared to 20.5% for fiscal 2020 due to relatively consistent year-over-year tax credits on higher pre-tax income in fiscal 2021.
Looking ahead to fiscal 2022, we expect our tax rate to be in the range of 23.5% to 24.5%, not considering unforeseen discrete items or any change in the tax law.
On August 18, 2021, the company's board of directors approved a quarterly cash dividend of $0.18 per share, payable on September 29, 2021, to common stockholders of record at the close of business on September 15, 2021.
This quarter's dividend declaration represents a 50% or $0.06 per share increase from the previous quarter and further demonstrates our confidence in future business performance while also delivering financial returns to our shareholders.
As mentioned previously, we returned approximately $45 million to shareholders through share repurchases during the year.
with approximately $35 million occurring in the fourth quarter.
To enable further repurchase activity in the future, our board approved a new share buyback program on October 13 that authorizes us to repurchase up to $200 million of our shares in the future.
Second, going forward, we will be adjusting for 100% of intangible amortization within our adjusted earnings per diluted share metric.
Third, the tax rate for adjusting items that impact reported earnings per share to arrive at adjusted earnings per share will be 24.2%.
We have historically utilized the federal statutory 21% rate.
In the spirit of reducing our footprint for the next generation of outdoor enthusiasts, we recently strengthened our commitment to sustainability by joining the business ambition for 1.5 degrees Celsius, a United Nations-backed global coalition of business leaders.
As part of this program, we are committing to help limit the impact of climate change by setting a goal to achieve net zero greenhouse gas emissions by 2050.
As I mentioned earlier, over 14 million households will have experienced camping for the first time during the 2021 and 2021 period.
The level of price increases year-over-year across our portfolio of our respective brands varies from mid-single digits to 20% plus.
We are aligned with RVIA's recent -- recently released RVIA forecast for calendar year 2022, which calls for 600,000 wholesale shipments or a growth of 4% versus the calendar year 2021 forecast of 577,000 units.
On a fiscal year 2022 basis for Winnebago Industries, the RVIA forecast translates to 605,000 wholesale industry shipments or 6% growth compared to the fiscal 2021 number of 569,000 units.
RV retail sales for the industry in our fiscal year 2021 were approximately 585,000 units, a record number and will likely be adjusted upwards as SSI adjustments take place in the coming months.

Summary:
Fourth-quarter earnings per diluted share was a record $2.45, an increase of 96% versus the same period last year.
Fourth-quarter adjusted earnings per diluted share was a record $2.57, up 77% versus the same period last year.