Winnebago Industries Q1 Profit Misses Estimates; Revenues Down 19.9%

(RTTNews) - Winnebago Industries, Inc. (WGO) reported first-quarter net income of $25.8 million, a decrease of 57.1% compared to $60.2 million, prior year. Reported earnings per share was $0.78, compared to $1.73. Adjusted earnings per share was $1.06, a decrease of 48.8% compared to $2.07. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.17, for the quarter. Analysts' estimates typically exclude special items.

First quarter revenues were $763.0 million, a decrease of 19.9% compared to $952.2 million, prior year, primarily driven by lower unit sales related to market conditions, product mix, and higher discounts and allowances compared to prior year, partially offset by carryover price increases related to higher motorized chassis costs. Analysts on average had estimated $723.82 million in revenue.

As of November 25, 2023, the company had total outstanding debt of $593.1 million and working capital of $587.3 million.

Shares of Winnebago Industries are down 4% in pre-market trade on Wednesday.

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