- Winnebago Industries Inc WHO reports a Revenue down 17.6% in Q1 FY23 year-over-year to $952.20 million, beating the consensus of $857.31 million.
- Trailer segment revenue fell 46.7% year over year to $347.3 million due to a decline in unit volume.
- RV sales of $464.2 million increased 10.1% year over year. Marine segment revenue increased 65.7% to $131.4 million.
- Gross profit declined 30.1% year over year to $160.4 million and gross profit margin shrank 300 basis points year over year to 16.8%.
- Operating margin declined 370 basis points to 9% and operating income for the quarter fell 41.3% to $85.9 million. Adjusted EBITDA fell 42% to $97 million.
- Adjusted earnings per share of $2.07 beat analyst consensus of $1.80.
- Winnebago’s cash and cash equivalents as of November 26, 2022 totaled $271.7 million and generated $29.9 million of operating cash flow for the quarter.
- “While we expect uncertain market conditions to persist into calendar 2023, we will remain disciplined in our operations while making wise investments in profitable differentiation for our future,” said CEO Michael Happe.
- Price promotion: WGO shares are trading up 1.79% at $56.75 on the last check Friday premarket.
- Photo via company
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