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Winnebago
đŸ‡ºđŸ‡¸ NYSE:WGO
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Nov 25, 2023

Winnebago Q1 2024 Earnings Report

Diversified portfolio demonstrated resilience in a challenging market, maintaining healthy gross profit margins driven by strong execution in the Towable RV business. Barletta continued to gain market share, and $50 million was returned to shareholders through share repurchases and dividends.

Key Takeaways

Winnebago Industries reported a decrease in revenue by 19.9% to $763.0 million for the first quarter of fiscal year 2024, primarily driven by lower unit sales. Net income decreased by 57.1% to $25.8 million, with adjusted earnings per diluted share at $1.06, a decrease of 48.8%. The company continues to invest in innovation, digital assets and IT capabilities.

Revenues for the Fiscal 2024 first quarter were $763.0 million, a decrease of 19.9% compared to the prior year.

Gross profit for the Fiscal 2024 first quarter was $115.8 million, a decrease of 27.8% compared to the prior year.

Operating income was $39.1 million for the Fiscal 2024 first quarter, a decrease of 54.5% compared to the first quarter of last year.

Adjusted earnings per diluted share for the Fiscal 2024 first quarter was $1.06, a decrease of 48.8% compared to the prior year.

Total Revenue
$763M
Previous year: $952M
-19.9%
EPS
$1.06
Previous year: $2.07
-48.8%
Gross Profit
$116M
Previous year: $160M
-27.8%
Cash and Equivalents
$220M
Previous year: $272M
-19.2%
Free Cash Flow
-$33.2M
Previous year: $2.1M
-1681.0%
Total Assets
$2.37B
Previous year: $2.39B
-1.0%

Winnebago

Winnebago

Winnebago Revenue by Segment

Forward Guidance

The outdoor recreation market is largely performing in-line with near-term expectations. Expects that the current cycle of RV dealer destocking is approaching its conclusion, and that market conditions in both retail and wholesale could begin to see improvement in mid to late calendar year 2024.

Positive Outlook

  • Winnebago Industries’ innovation engine continues to develop and deliver products that anticipate and exceed the expectations of discerning customers across the outdoor lifestyle market.
  • Consistent focus on bringing the highest quality and most innovative products to the market at a variety of price points
  • Positioned to grow market share and outperform expectations as the market recovers and levels of consumer confidence rise.
  • Optimistic that the current cycle of RV dealer destocking is approaching its conclusion
  • Market conditions in both retail and wholesale could begin to see improvement in mid to late calendar year 2024.

Challenges Ahead

  • Continued pressure from macro headwinds
  • Challenging retail trends
  • Intentional inventory management by dealers.
  • Shifting market conditions
  • Prudently monitor and adapt in response to shifting market conditions

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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