Winnebago Industries reported revenues of $763 million for its fiscal 2024 first quarter, ended Nov. 25. The 19.9% decrease, compared with $952.2 million for the prior-year quarter, was driven primarily by lower unit sales related to market conditions, product mix and higher discounts.
Gross profit for the quarter was $115.8 million, a decrease of 27.8% compared with $160.4 million in 2023. Gross profit margin decreased 160 basis points to 15.2% primarily because of higher discounts and allowances. Operating income for the quarter was $39.1 million, a decrease of 54.5%, and net income was $25.8 million, a decrease of 57.1%.
“Winnebago Industries’ first quarter results underscore the resilience of our diversified portfolio and variable cost structure in navigating a sales environment influenced by challenging retail trends and intentional inventory management by dealers,” president and CEO Michael Happe said in a statement. “Our steadfast commitment across our portfolio to production discipline that aligns with market conditions and improving operational excellence continues to deliver solid profitability.”
In the marine segment, the Chris-Craft and Barletta parent reported revenues of $87.3 million for the first fiscal quarter, a 33.5% decline from the previous year, driven mostly by a reduction in unit volume related to market conditions and higher discounts and allowances. Adjusted EBITDA for the quarter was $7.2 million, down 61% compared with the prior year. Adjusted EBITDA margin was 8.2%, down 590 basis points, primarily due to volume deleverage and higher discounts. Backlog for the first quarter decreased $140.4 million, down 55.9% from last year, driven primarily by cautious dealer sentiment.
