Winnebago Industries, which owns Chris-Craft and Barletta Boats, last week reported $952.2 million in revenues during its fiscal 2023 first quarter, a 17.6% decline from the year ago quarter. The decline was offset by a 65.7% increase in revenues from its marine segment.
Revenues for the marine segment were $131.4 million in the 2023 fiscal first quarter. Winnebago said in a statement that Barletta continues to outperform the pontoon market and that demand for Chris-Craft boats remains steady. Segmented Adjusted EBITDA was $18.5 million and adjusted EBITDA margin was 14.1%, up 80 basis points compared to the prior year. Backlog for the marine segment was up 23.8% compared to the prior year period from continued stocking of dealer inventories and signing of new retailers.
“Winnebago Industries’ first quarter results are a testament to the strength, diversification and resiliency of our brand portfolio amid a dynamic macroeconomic environment,” Michael Happe, Winnebago president and CEO, said in the statement. “Growth in our motorhome and marine segments helped to mitigate challenging market conditions in our towables business, demonstrating the ongoing benefits of a more balanced array of outdoor recreation businesses.”
Gross profit in the 2023 first quarter was $160.4 million, a decrease of 30.1% compared to $229.4 million for the 2022 fiscal first quarter. Winnebago said this was driven by timing of inflationary pressures relative to pricing, operating deleverage and productivity loss from the supply disruptions. Gross profit margin decreased 300 basis points in the quarter to 16.8%. Operating income for the quarter was $85.9 million, a decrease of 41.3% compared to $146.4 million for the year ago quarter.
Fiscal 2023 first quarter net income was $60.2 million, a decrease of 39.6% compared to $99.6 million in the prior year quarter. Reported earnings per diluted share was $1.73, compared to reported earnings per diluted share of $2.90 in the same period in 2022.
