Winnebago Industries, parent company of Chris-Craft and Barletta Pontoon Boats, yesterday announced financial results for its 2023 fiscal third quarter.
Marine segment revenues were $129 million, an increase of 1.9% over the prior-year quarter due to carryover price increases. Segment adjusted EBITDA was $17.3 million, down 12.5% compared to 2022. Adjusted EBITDA was 13.4%, down 230 basis points compared to the prior year, primarily due to higher discounts and allowances compared to the prior year. Backlog for the marine segment decreased to $146.3 million, which was a decline of 40.4% compared to the previous year, primarily due to normalizing inventory levels.
“In the midst of challenging market conditions, our team continues to successfully navigate a dynamic environment with a dual focus on taking care of our customers and operating the business with discipline, resulting in ongoing value for our shareholders,” Winnebago president and CEO Michael Happe said in a statement. “Our diverse portfolio of premium brands across the outdoor recreation industry continues to drive resiliency in our consolidated results, as top-line declines in our RV segments were offset by robust profitability in towable RVs and continued growth in our marine business. The Barletta brand, in particular, remains a bright spot in our portfolio, delivering strong market share gains in aluminum pontoons.”
Happe continued, “Looking ahead, we will continue to actively manage production levels across our business to match dealer appetite for our brands, ongoing seasonal retail conditions, and our market share aspirations. We are entering our fourth and final quarter of Fiscal 2023 with a strong balance sheet, having completed multiple inorganic and organic investments in support of future growth strategies and a sequentially improved inventory and working capital position.”
