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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。