PHOTO COURTESY WINNEBAGOWinnebago Industries, the parent of Chris-Craft and Barletta, reported net revenues of $771 million in its fiscal fourth quarter, a 34.6% decrease compared with $1.2 billion for the year-prior quarter.
Gross profit of $127.5 million was a decrease of 39.4% compared with $210.4 million in 2022. Gross profit margin decreased 130 basis points to 16.5%, and operating income was $57.5 million, a decrease of 53.4% compared with $123.6 million last year. Fourth quarter net income was $43.8 million, a decrease of 47% compared with $82.6 million a year ago.
The marine segment had revenues of $96.4 million for the three months ending Aug. 26, down 21% from the previous year’s $122.1 million. Unit deliveries of 1,162 were down 26.5% from 1,580.
For the 12 months ending Aug. 26, marine revenues were $469.7 million, up 10.5% from $425.3 million a year prior. Unit deliveries of 5,714 were up 0.4% from 5,692.
“While the consumer market continues to be challenged and our fourth quarter results reflect a stubborn retail environment, we continued to see the benefits of our diversified portfolio on our results for the fiscal year,” president and CEO Michael Happe said in a statement. “Our team has remained intently focused on rationalizing inventory levels, optimizing our supply chain, and appropriately managing capacity, output and cost in a strategic manner.”
Happe called the acquisition of Lithionics Battery a “significant highlight,” as it bolsters the company’s on-board battery solutions.
Fiscal 2023 revenues for Winnebago Industries were $3.5 billion, a 29.6% decrease from $5 billion in fiscal 2022. Gross profit margin of 16.8% decreased 190 basis points year-over-year driven primarily by volume deleverage and higher discounts and allowances. Operating income of $300.7 million was down from $583.5 million the previous year. Net income was $215.9 million compared with $390.6 million in 2022.
