In This Story
Winnebago Industries Inc. (WGO-3.19%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing details a decrease in net revenues to $625.6 million from $763.0 million in the same quarter the previous year, primarily due to lower unit volume and a reduction in average selling price per unit related to product mix.
Cost of goods sold was reported at $548.8 million, representing 87.7% of sales, compared to 84.8% in the same quarter of the previous year. This increase in cost ratio is attributed to deleverage and higher warranty expenses.
Winnebago reported a gross profit of $76.8 million, down from $115.8 million in the previous year, with the decline attributed to lower revenue and increased costs.
Selling, general, and administrative expenses increased slightly to $72.1 million from $71.1 million, reflecting strategic investments and cost containment efforts.
The company recorded an operating loss of $0.9 million compared to an operating income of $39.1 million in the previous year.
Interest expense increased to $5.8 million from $4.1 million, contributing to a net loss before income taxes of $6.7 million, compared to a net income of $34.4 million in the previous year.
The net loss for the quarter was $5.2 million, down from a net income of $25.8 million in the previous year, resulting in a basic and diluted loss per share of $0.18.
The filing also highlights a decrease in cash and cash equivalents to $262.5 million from $330.9 million at the beginning of the period, with cash used in operating activities amounting to $16.7 million.
Segment performance showed a decline in the Towable RV segment with net revenues decreasing to $254.0 million from $330.8 million, and the Motorhome RV segment also saw a decrease in net revenues to $271.7 million from $334.4 million.
The Marine segment, however, reported an increase in net revenues to $90.5 million from $87.3 million, driven by targeted price increases and higher unit volume.
Winnebago's management continues to focus on aligning production with dealer demand while navigating macroeconomic challenges such as inflation and elevated interest rates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Winnebago Industries Inc. quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.