PHOTO COURTESY CHRIS-CRAFT BOATS Winnebago Industries, which owns the Barletta Boats and Chris-Craft brands, had revenues of $703.6 million in the second quarter of its 2024 fiscal year, which was an 18.8% decline from the same period in 2023. Gross profit was down 28.3% and gross profit margin decreased 190 basis points to 15%.
Net loss was $12.7 million compared to net income of $52.8 million in the year-ago fiscal quarter, and adjusted EBITDA of $49.8 million — a decrease of 43.7% — represented a 7.1% adjusted margin.
In the marine segment, net revenues for the quarter were $69.8 million, a 38.2% drop from $112.9 million in the year-ago fiscal quarter. The order backlog for Chris-Craft and Barletta was $102.9 million, a $56.9% decrease for $238.5 million in the fiscal 2023 quarter.
“Winnebago Industries performed in line with our expectations for the quarter, navigating the effects of ongoing softness in the RV and marine markets,” Winnebago company president and CEO Michael Happe said in a statement. “As anticipated, wholesale shipments were constrained in the quarter, as dealers continued to closely manage inventory levels amid a higher interest rate environment and seasonal demand trends. Despite these macroeconomic challenges, we continue to demonstrate resilient profitability and an unwavering commitment to operational discipline that is reflected in the company’s diversified portfolio of premium brands, investments in new products and technologies, and healthy balance sheet.”
Selling, general and administrative expenses were $64.2 million, a decrease of 3% compared to the second quarter of last year. Operating income was $35.4 million, a decline of 53.8% compared to $76.8 million in 2023.
