By Dean Seal
Winnebago Industries swung to a loss in the fiscal first quarter on a bigger-than-expected drop in revenue.
The RV and boat maker posted a loss of $5.2 million, or 18 cents a share, for the quarter ended Nov. 30, compared with a profit of $25.8 million, or 78 cents a share, in the same period a year ago.
Stripping out one-time items, the adjusted loss was 3 cents a share. Analysts polled by FactSet had been expecting an adjusted profit of 20 cents a share.
Revenue fell 18% to $625.6 million, below analyst projections for $672 million, according to FactSet.
Chief Executive Michael Happe said the quarter was hurt by subdued consumer demand and cautiousness among its dealers to make new orders ahead of a historically slow winter season.
Shares slid 4.8% to $49.44 in premarket trading.
The company still expects to hit $2.9 billion to $3.2 billion in revenue for the fiscal year, but narrowed its earnings forecast by 10 cents at each end to $2.50 to $3.80 a share. Adjusted earnings are now expected to be $3.10 to $4.40 a share, again narrowing its prior outlook by 10 cents at each end.
Happe said market trends and seasonality remain a challenge in the first half of the fiscal year, but that Winnebago should be well positioned for the spring selling season.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 20, 2024 07:43 ET (12:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。