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Lower Unit Sales Reflected in Winnebago’s 2023 Earnings

Winnebago

 Winnebago Industries released its quarterly and full fiscal year earnings on Wednesday, and for the fourth fiscal quarter of 2023 it had $771 million in revenue, a decrease of 34.6% compared to the $1.2 billion for the same quarter last year. Net income for the quarter was $43.8 million, a decrease of 47% compared to $82.6 million in the prior year quarter.

“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,” said President and CEO Michael Happe. “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.”

For the full fiscal year, Winnebago reported revenue of $3.5 billion, a decrease of 29.6% from the $5 billion in Fiscal 2022. The company said lower unit sales and higher discounts and allowances compared to prior year were the main reasons for the drop. Net income was $215.9 million in fiscal 2023 compared to $390.6 million in the prior year.

By segment, revenues for towables were $341.4 million for the fourth quarter, down 30.9%, and revenues for the motorhome segment were $317.7 million for the fourth quarter, down 42.8% from the prior year.

“A significant highlight of Fiscal 2023 was completing the acquisition of Lithionics Battery which has bolstered our onboard battery solutions offering, energized our electrical supply ecosystem, and positioned Winnebago Industries as a leader in electrification,” Happe said. “Our continued focus on strategically investing in our business, new products and innovation reflects the confidence we have in our ability to drive growth and expand market share by providing our customers with more diverse and exciting options. As always, I want to thank our 6,250-plus Winnebago Industries employees for their continued hard work and dedication in a challenging and dynamic environment.”

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