Recreational vehicle (RV) maker Winnebago Industries (WGO) posted a surprise quarterly loss Friday as it faced soft consumer demand and cautious dealers.

For its first quarter of fiscal 2025, the company reported a per-share loss of $0.18, while analysts surveyed by Visible Alpha were looking for a per-share profit of $0.04. Winnebago also posted an adjusted per-share loss of $0.03 when an adjusted per-share profit of $0.17 was expected. Revenue slumped 18% year-over-year to $625.6 million, also short of forecasts.

Towable RV sales sank 23% to $254.0 million, and motorhome RV sales were down 19% to $271.7 million. Sales of marine vehicles rose almost 4% to $90.5 million.

CEO Says Dealers Cautious Ahead of 'Historically Slow Winter Season'

Chief Executive Officer (CEO) Michael Happe said, "The RV and marine operating environment remained challenging." Happe noted along with hesitant buyers, dealers have been "reluctant to make significant commitments on new orders ahead of the historically slow winter season." Happe warned that the current quarter is "likely to remain challenged," although Winnebago remains confident in its strong positioning and long-term growth potential.

Based on the first-quarter performance, the company now sees full-year earnings per share (EPS) between $2.50 to $3.80, narrowed from its prior outlook of $2.40 to $3.90, and adjusted EPS of $3.10 to $4.40, compared with $3.00 to $4.50 previously. It affirmed its prior revenue guidance of $2.9 billion to $3.2 billion.

Shares of Winnebago Industries slipped about 1% soon after the opening bell. They have lost nearly 30% of their value this year.