Winnebago reports decreases for Q2 2024 | Boating Industry
Winnebago Industries, Inc. reported financial results for the fiscal 2024 second quarter ended February 24, 2024.
The company reported revenues of $703.6M, a decrease of 18.8% compared to $866.7M for the comparable fiscal 2023 period, which Winnebago said was driven by lower unit sales related to market conditions and unfavorable product mix.
Also down for the quarter, Winnebago reported a gross profit of $105.3M, a decrease of 28.3% compared to $146.8M for the fiscal 2023 period.
“Winnebago Industries performed in line with our expectations for the quarter, navigating the effects of ongoing softness in the RV and marine markets,” said president and CEO Michael Happe. “As anticipated, wholesale shipments were constrained in the quarter, as dealers continued to closely manage inventory levels amid a higher interest rate environment and seasonal demand trends. Despite these macroeconomic challenges, we continue to demonstrate resilient profitability and an unwavering commitment to operational discipline that is reflected in the company’s diversified portfolio of premium brands, investments in new products and technologies, and healthy balance sheet.”
In the company’s marine segment, Winnebago reported a net revenue of $69.8M for the second quarter of 2024, a decrease of 38.2% from the same period in 2023.
“Interest in the RV and boating lifestyles remains strong, creating a secular tailwind that supports the anticipated long-term growth of our portfolio of exceptional brands and aligns with our vision to be the trusted leader in premium outdoor recreation,” Happe said. “As we enter the second half of fiscal 2024, we are encouraged by data indicating that RV inventory levels are returning to an equilibrium stage, though we remain aggressive in managing production output and overall costs in a targeted manner. Looking ahead, we will continue to rely on our flexible, high-variable cost structure to drive improved operating leverage, while capitalizing on innovation, product line expansion, channel partnerships, and operational excellence to achieve our future mid-cycle organic growth targets.”
Source: https://boatingindustry.com/top-news/2024/03/21/winnebago-reports-decreases-for-q2-2024/
