Chris-Craft and Barletta parent Winnebago Industries today released fiscal full year and fourth quarter financial results.
Quarterly revenues were $720.9 million, a decrease of 6.5% year-over-year, and gross profit was $94.2 million, down 26.1% from the year-ago quarter. Operating loss was $17.8 million, compared with operating income of $57.5 million in 2023.
Winnebago said in a statement that the loss was primarily driven by a $30.3 million impairment charge associated with the Chris-Craft reporting unit. The decline in fair value of the Chris-Craft reporting unit was driven by softening in the marine industry as a result of sustained macroeconomic challenges.
“Winnebago Industries’ fourth quarter performance fell short of our expectations, primarily reflecting the sluggish retail demand environment and operating inefficiencies within our Winnebago-branded businesses,” CEO Michael Happe said in the statement. “The RV industry continues to face various headwinds, including uncertain retail conditions, higher inventory carrying costs and slightly elevated inventories in the motorhome segment, leading to continued dealer hesitancy and increased promotional efforts.”
For the full fiscal year, revenues were $3 billion, a 14.8% decline year-over-year. Gross profit was $433.5 million, a decrease of 26%. Operating income was $100.2 million, down 66.7%. Consolidated, adjusted EBITDA was $190.6 million, a decrease of 46.3%.
The marine segment posted net revenues of $80.5 million in the fourth quarter, a 16.6% decline, and $325.5 million for the full year, down 30.7% year-over-year. Adjusted EBITDA in the quarter was $5.5 million, a decline of 45.7% year-over-year, and $25.6 million for the year, a 57.6% decline.
The company said marine revenues were down primarily because of product mix and a decline in unit volume related to market conditions and dealer destocking, partially offset by targeted price increases.
Winnebago provided the following outlook for fiscal 2025:
“Winnebago Industries anticipates total North American RV wholesale shipments in the range of 320,000 to 350,000 units. Based on this outlook and the current business environment, the company expects fiscal 2025 consolidated revenues in the range of $2.9 billion to $3.2 billion, reported earnings per diluted share of $2.40 to $3.90, and adjusted earnings per diluted share of $3 to $4.50. The company’s outlook takes into account prevailing trends in the RV sector, including competitive dynamics, shifts in consumer preferences and key macroeconomic factors that may influence overall demand.”
