Winnebago Industries, the parent of Chris-Craft and Barletta, reported financial results for its fiscal 2023 second quarter.
Revenues for the quarter were $866.7 million, a 25.6% decrease compared with $1.2 billion for the same period in 2022. Gross profit was $146.8 million, a decrease of 32.2% from $216.6 million in the year-prior quarter, and gross profit margin decreased 170 basis points to 16.9%. Net income was $52.8 million, a decrease of 42.1% compared with $91.2 million in the previous year.
Marine revenues were $112.9 million for the quarter, up 16.1%. The growth was led by Barletta. Segment adjusted EBITDA was $14.4 million, and adjusted EBITDA margin was 12.8%, down 50 basis points compared with the prior year. Winnebago said this was due to higher material and input costs. Backlog for the marine segment was down 14.1% compared with the prior year due to continued replenishment of dealer inventories.
“Another strong quarter of performance in our marine segment helped to offset a softening in consumer demand for RVs from recent cyclical highs,” Winnebago president and CEO Michael Happe said in a statement. “Furthermore, ongoing efforts to continuously improve efficiency, reinforced by our commitment to disciplined execution and cost management, allowed us to maintain competitive margins across our towable, motorhome and marine segments.
“The recent launches of the Barletta Aria and Reserve, as well as the new Chris-Craft Calypso 32, are the latest examples of the innovation that is driving our business forward,” Happe added.
