Winnebago profit misses estimate, but revenue beats

Winnebago Industries Inc.'s stock (WGO) fell 1.4% in premarket trading on Wednesday after the recreational vehicle maker's first-quarter profit fell short of the FactSet consensus estimate, while its revenue was ahead of expectations. Winnebago said its first-quarter earnings dropped 57% to $25.8 million, or 78 cents a share, from $60.2 million, or $1.73 a share, in the year-ago period. Adjusted earnings of $1.06 a share fell short of the FactSet consensus estimate of $1.18 a share. First-quarter revenue was down by 19.9% to $763 million, but ahead of the analyst expectation for revenue of $723.8 million. "Despite continued pressure from macro headwinds, the outdoor recreation market is largely performing in-line with near-term expectations," the company said. Winnebago said its revenue drop was mostly attributed to "a reduction in average selling price per unit related to product mix and targeted price reductions, partially offset by unit volume growth."

-Steve Gelsi

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12-20-23 0716ET

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