Winnebago Industries WGO incurred an adjusted loss of 3 cents per share in first-quarter fiscal 2025 (ended Nov. 30, 2024) against the Zacks Consensus Estimate of earnings of 16 cents per share. WGO had reported earnings of $1.06 per share in the year-ago period. The recreational vehicle (RV) maker reported revenues of $625.6 million for the quarter under review, which fell short of the Zacks Consensus Estimate of $675 million. The top line also declined 18% year over year.

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Winnebago Industries, Inc. Price, Consensus and EPS Surprise

Winnebago Industries, Inc. price-consensus-eps-surprise-chart | Winnebago Industries, Inc. Quote

Segmental Performance

Towable RV: Revenues in the Towable RV segment declined 23.2% year over year to $254 million amid lower volume and tilted product mix toward lower priced models. The metric missed our estimate of $343 million. Total deliveries from the segment came in at 6,616 units, which decreased 15.7% year over year and lagged our estimate of 8,108 units. Adjusted EBITDA declined 59% to $13.6 million owing to volume deleverage and product mix. The figure, however, came above our estimate of $12.7 million amid better-than-expected cost-cut efforts.

Motorhome RV: Revenues in the Motorhome RV segment plunged 18.7% year over year to $271.7 million due to a decline in unit volume. The top line, however, topped our estimate of $245 million. Total deliveries from the Motorhome RV segment came in at 1,422 units, falling 17.4% year over year and surpassing our estimate of 1,280 units. The segment recorded an adjusted EBITDA of $2.7 million, down 87.5% due to volume deleverage, escalating warranty expenses, and high discounts and allowances. The metric also missed our estimate of $7.8 million.

Marine: Revenues from the segment totaled $90.5 million, up 3.6% year over year, primarily due to increased volume. The metric fell short of our estimate by just $2 million. The total deliveries from the segment came in at 1,171 units, up 4.7% year over year, and topped our estimate of 1,137 units. The segment recorded an adjusted EBITDA of $8.4 million, up 16.7% year over year due to model price increases.

Financials & Outlook

Winnebago had cash and cash equivalents of $262.5 million as of Nov. 30, 2024. Long-term debt (excluding current maturities) totaled $637.7 million.

During the quarter under review, WGO bought back shares worth $30 million. The company approved a dividend of 34 cents per share on Jan. 29, 2025, to shareholders of record as of Jan. 15, 2025.

While WGO reaffirmed its fiscal 2025 consolidated revenues in the band of $2.9-$3.2 billion, it has tightened its profit outlook. Adjusted EPS is now estimated to be between $3.10 and $4.40 compared with the prior guided range of $3-$4.50.

WGO has a Zacks Rank #5 (Strong Sell) currently.

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Peer Releases

Thor Industries THO released first-quarter fiscal 2025 (ended Oct 31, 2024) results on Dec. 4. It reported earnings of 26 cents per share, which missed the Zacks Consensus Estimate of 67 cents. The bottom line fell from 99 cents per share reported in the corresponding quarter of fiscal 2024. The company registered revenues of $2.14 billion for the fiscal first quarter, missing the Zacks Consensus Estimate of $2.25 billion. The top line declined 14.3% year over year. Thor projects its fiscal 2025 consolidated net sales in the range of $9-$9.8 billion. EPS is expected in the range of $4-$5 compared with $4.94 reported in fiscal 2024.

REV Group REVG reported fiscal fourth-quarter 2024 results on Dec. 11. It came out with quarterly earnings of 51 cents per share, beating the Zacks Consensus Estimate of 50 cents per share. This compares to earnings of 53 cents per share a year ago. Revenues of $597.9 million for the quarter ended October 2024 topped the Zacks Consensus Estimate by 0.27%. This compares to year-ago revenues of $693.3 million. REV Group expects fiscal 2024 net sales in the range of $2.3-$2.4 billion and adjusted net income in the band of $98-$125 million.

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