PHOTO COURTESY BARLETTA BOATS

Winnebago Industries, the parent company of Chris-Craft Boats and Barletta Pontoon Boats, had revenues of $786 million in the third fiscal quarter of 2024, a decrease of 12.7% from the same quarter of 2023. Gross profit was $118.2 million, which was down 22% from the year-ago quarter.

“While outdoor industry market conditions remain challenged given inconsistent retail patterns and sustained dealer discipline relative to field inventory levels, we are generally pleased with the resiliency of our portfolio, as our teams balance the pursuit of long-term share, profitability and customer satisfaction across our premium brands,” Michael Happe, Winnebago Industries president and chief executive officer Michael Happe said in a statement. “Driven by our towable RV and marine segments, we delivered sequential consolidated margin growth in the third quarter… and our Barletta pontoon retail share grew to double digits for the trailing three- and six-month periods through April.”

Revenues for the marine segment in the quarter were $87.9 million, a 31.8% decline. Backlog was $62 million, a 57.6% reduction from the previous-year quarter. The company said this was “primarily driven by a decline in unit volume related to market conditions” and that the diminished backlog was due to “a cautious dealer network.”

Gross profit margin decreased 180 basis points in to 15%. Selling, general and administrative expenses were $69.1 million, an increase of 3.7% compared for $66.5 million in the third quarter of last year. This was driven by strategic investments in engineering, digital asset development and increased data and information technology capabilities. Operating income of $43.5 million was a decrease of 46% compared to $80.5 million in the prior-year quarter.

Net income was $29 million and reported earnings per diluted share was $0.96. This was down from $1.71 per diluted share in the same quarter of last year.

As of May 15, cash and cash equivalents totaled $318.1 million and company had outstanding debt of $695.4 million with a working capital of $581.9 million. Cash flow provided by operations was $99.4 million in the third fiscal quarter of 2024.

The company did not provide guidance for the remainder of fiscal year 2024.