Winnebago Industries Reports Second Quarter Fiscal 2025 Results
Winnebago Industries (NYSE: WGO) reported Q2 fiscal 2025 results with net revenues of $620.2 million, down 11.8% year-over-year. The company posted a net loss of $0.4 million, or $0.02 per diluted share, with adjusted earnings per share of $0.19.
Key highlights include:
- Gross profit of $83.1 million with 13.4% margin
- Adjusted EBITDA of $22.8 million (3.7% margin)
- Completed $100 million tender offer for Senior Secured Notes
- Barletta's market share in aluminum pontoons increased to 9.5%
- Newmar achieved fourth consecutive year of market share growth in Class A Diesel segment
The company updated its fiscal 2025 outlook, projecting sales between $2.8 billion to $3.0 billion and adjusted earnings per share of $2.75 to $3.75. Management cited challenges including high interest rates, inconsistent consumer sentiment, and dealers reducing inventory levels, particularly in Motorhome RV and Marine segments.
Winnebago Industries (NYSE: WGO) ha riportato i risultati del secondo trimestre fiscale 2025, con ricavi netti di 620,2 milioni di dollari, in calo dell'11,8% rispetto all'anno precedente. L'azienda ha registrato una perdita netta di 0,4 milioni di dollari, ovvero 0,02 dollari per azione diluita, con utili per azione rettificati di 0,19 dollari.
I punti salienti includono:
- Utile lordo di 83,1 milioni di dollari con un margine del 13,4%
- EBITDA rettificato di 22,8 milioni di dollari (margine del 3,7%)
- Completata un'offerta di acquisto di 100 milioni di dollari per Note Senior Garantite
- La quota di mercato di Barletta nei pontoni in alluminio è aumentata al 9,5%
- Newmar ha raggiunto il quarto anno consecutivo di crescita della quota di mercato nel segmento Diesel Classe A
L'azienda ha aggiornato le sue previsioni per l'anno fiscale 2025, prevedendo vendite tra 2,8 miliardi e 3,0 miliardi di dollari e utili per azione rettificati tra 2,75 e 3,75 dollari. La direzione ha citato sfide come tassi di interesse elevati, sentimenti dei consumatori inconsistenti e concessionari che riducono i livelli di inventario, in particolare nei segmenti dei Motorhome RV e Marine.
Winnebago Industries (NYSE: WGO) reportó los resultados del segundo trimestre fiscal 2025, con ingresos netos de 620,2 millones de dólares, una disminución del 11,8% en comparación con el año anterior. La compañía registró una pérdida neta de 0,4 millones de dólares, o 0,02 dólares por acción diluida, con ganancias por acción ajustadas de 0,19 dólares.
Los aspectos destacados incluyen:
- Beneficio bruto de 83,1 millones de dólares con un margen del 13,4%
- EBITDA ajustado de 22,8 millones de dólares (margen del 3,7%)
- Se completó una oferta de compra de 100 millones de dólares para Notas Senior Garantizadas
- La cuota de mercado de Barletta en pontones de aluminio aumentó al 9,5%
- Newmar logró su cuarto año consecutivo de crecimiento en la cuota de mercado en el segmento Diesel Clase A
La compañía actualizó su perspectiva fiscal 2025, proyectando ventas entre 2,8 mil millones y 3,0 mil millones de dólares y ganancias por acción ajustadas de 2,75 a 3,75 dólares. La dirección citó desafíos como tasas de interés altas, sentimiento del consumidor inconsistente y concesionarios que reducen los niveles de inventario, particularmente en los segmentos de Motorhome RV y Marinos.
윈네바고 인더스트리 (NYSE: WGO)는 2025 회계연도 2분기 실적을 발표했으며, 순수익은 6억 2천 2백만 달러로 전년 대비 11.8% 감소했습니다. 회사는 40만 달러의 순손실을 기록했으며, 희석 주당 손실은 0.02달러로 조정된 주당 수익은 0.19달러였습니다.
주요 하이라이트는 다음과 같습니다:
- 총 이익 8천 3백 10만 달러, 마진 13.4%
- 조정된 EBITDA 2천 2백 80만 달러 (마진 3.7%)
- 1억 달러 규모의 선순위 보장 노트 매입 완료
- 바를레타의 알루미늄 폰툰 시장 점유율이 9.5%로 증가
- 뉴마르는 클래스 A 디젤 세그먼트에서 4년 연속 시장 점유율 성장 달성
회사는 2025 회계연도 전망을 업데이트하며, 매출을 28억 달러에서 30억 달러 사이로 예상하고 조정된 주당 수익은 2.75에서 3.75달러로 예상했습니다. 경영진은 높은 금리, 불안정한 소비자 심리, 특히 모터홈 RV 및 해양 부문에서 재고 수준을 줄이는 딜러들 등 여러 가지 도전 과제를 언급했습니다.
Winnebago Industries (NYSE: WGO) a annoncé les résultats du deuxième trimestre de l'exercice fiscal 2025, avec des revenus nets de 620,2 millions de dollars, en baisse de 11,8 % par rapport à l'année précédente. L'entreprise a enregistré une perte nette de 0,4 million de dollars, soit 0,02 dollar par action diluée, avec un bénéfice par action ajusté de 0,19 dollar.
Les points clés comprennent :
- Bénéfice brut de 83,1 millions de dollars avec une marge de 13,4 %
- EBITDA ajusté de 22,8 millions de dollars (marge de 3,7 %)
- Offre de rachat de 100 millions de dollars pour des Obligations Senior Garanties complétée
- La part de marché de Barletta dans les pontons en aluminium a augmenté à 9,5 %
- Newmar a atteint sa quatrième année consécutive de croissance de part de marché dans le segment Diesel Classe A
L'entreprise a mis à jour ses prévisions pour l'exercice fiscal 2025, projetant des ventes entre 2,8 milliards et 3,0 milliards de dollars et un bénéfice par action ajusté de 2,75 à 3,75 dollars. La direction a cité des défis tels que des taux d'intérêt élevés, un sentiment des consommateurs incohérent et des concessionnaires réduisant les niveaux de stocks, notamment dans les segments des véhicules de loisirs et marins.
Winnebago Industries (NYSE: WGO) hat die Ergebnisse des zweiten Quartals des Geschäftsjahres 2025 veröffentlicht, mit Nettoumsätzen von 620,2 Millionen US-Dollar, was einem Rückgang von 11,8% im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 0,4 Millionen US-Dollar oder 0,02 US-Dollar pro verwässerter Aktie, mit bereinigten Erträgen pro Aktie von 0,19 US-Dollar.
Wichtige Highlights sind:
- Bruttogewinn von 83,1 Millionen US-Dollar mit einer Marge von 13,4%
- Bereinigtes EBITDA von 22,8 Millionen US-Dollar (Marge von 3,7%)
- Abschluss eines Übernahmeangebots über 100 Millionen US-Dollar für Senior Secured Notes
- Marktanteil von Barletta bei Aluminium-Pontons stieg auf 9,5%
- Newmar erzielte im Segment Diesel der Klasse A das vierte Jahr in Folge ein Wachstum des Marktanteils
Das Unternehmen hat seinen Ausblick für das Geschäftsjahr 2025 aktualisiert und erwartet Umsätze zwischen 2,8 Milliarden und 3,0 Milliarden US-Dollar sowie bereinigte Erträge pro Aktie zwischen 2,75 und 3,75 US-Dollar. Das Management nannte Herausforderungen wie hohe Zinssätze, inkonsistente Verbraucherstimmung und Händler, die die Lagerbestände reduzieren, insbesondere in den Segmenten Motorhome RV und Marine.
- Barletta increased market share by 140 basis points to 9.5% in aluminum pontoons
- Newmar achieved fourth consecutive year of market share growth in Class A Diesel
- Successfully completed $100 million debt reduction through tender offer
- Maintained profitability with adjusted earnings of $0.19 per share despite market challenges
- Net revenues declined 11.8% year-over-year to $620.2 million
- Posted net loss of $0.4 million ($0.02 per share)
- Gross profit margin decreased 160 basis points to 13.4%
- Adjusted EBITDA declined 54.2% to $22.8 million
Insights
Winnebago's Q2 FY2025 results reveal significant headwinds, with revenue declining 11.8% year-over-year to
The financial performance breakdown shows mixed results across segments. The Towable RV segment saw modest revenue growth on higher volume but lower margins due to product mix and warranty issues. Motorhome RV revenue declined as dealers continue reducing field inventories amid high interest rates. The Marine segment was a bright spot with revenue growth and improved EBITDA.
Strategically, WGO made two significant capital allocation moves: completing a
Market share trends provide some optimism - Barletta's aluminum pontoon market share increased to
Winnebago's Q2 results illuminate the structural challenges facing the outdoor lifestyle products sector. The
The company's strategic positioning remains relatively strong despite these challenges. Their expansion of the RV brand portfolio across diverse price points is prudent, allowing them to maintain healthy market share in premium and mid-range segments while capturing value-conscious consumers. The introduction of Grand Design's Class C Lineage Series M and new Lineage Class Super C motorhome demonstrates their commitment to innovation despite market headwinds.
Barletta's performance stands out, with its
Inventory management remains critical. Dealers continue reducing field inventories, particularly in Motorhome RV and Marine segments, to combat high interest rates. This cautious approach by dealers creates near-term pressure but should establish healthier channel conditions when consumer demand recovers.
The company's reduced outlook reflects both macroeconomic realities (stubborn interest rates, inconsistent consumer sentiment) and sector-specific challenges (dealer destocking). However, their moves to reduce higher-cost debt while continuing product innovation position them to capitalize on the eventual recovery in outdoor recreation markets, which historically rebound with interest rate normalization.
-- Improves Sequential Profitability, Driven by Margin Growth in All Segments --
-- Completes
-- Barletta's Share of U.S. Aluminum Pontoon Market Increases to
-- Newmar Delivers its Fourth Straight Year of Increasing Market Share in Class A Diesel Segment(2) --
EDEN PRAIRIE, Minn., March 27, 2025 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading outdoor lifestyle product manufacturer, today reported financial results for the fiscal 2025 second quarter ended March 1, 2025.
Second Quarter Fiscal 2025 Financial Summary
- Net revenues of
$620.2 million - Gross profit of
$83.1 million , representing13.4% gross margin - Net loss of
$0.4 million , or$0.02 per diluted share; adjusted earnings per diluted share of$0.19 - Adjusted EBITDA of
$22.8 million , representing3.7% adjusted EBITDA margin
CEO Commentary
“Winnebago Industries continues to demonstrate solid performance in our strategic markets, leveraging product differentiation and sharper affordability options to maintain healthy market share in our core premium and mid-range RV segments,” said President and Chief Executive Officer Michael Happe. “We're expanding our RV brand portfolio with new products across diverse price points, while maintaining our commitment to profitability. This strategic approach allows us to capitalize on market opportunities and positions us for sustainable financial performance as the market recovers. Our most recent example of this is the introduction of Grand Design's Class C Lineage Series M, which has been enthusiastically received in the marketplace and highlights the demand for the brand’s innovative motorized RVs. With the latest launch of our new Lineage Class Super C motorhome, the Lineage brand is on a trajectory to achieve its
“In our Marine segment, Barletta continues to grow its share of the U.S. aluminum pontoon market and outperform the category,” Happe said. “For the 12-month period ended February 28, 2025, Barletta achieved a market share of
“Our strong financial position provides flexibility to invest in growth opportunities while maintaining disciplined fiscal management," Happe said. “During the second quarter, we completed a cash tender offer to repurchase
Second Quarter Fiscal 2025 Results
Net revenues were
Gross profit was
Selling, general and administrative expenses were
Operating income was
Net loss was
Consolidated Adjusted EBITDA was
Second Quarter Fiscal 2025 Segments Summary
Towable RV
| Three Months Ended | ||||||||||
| ($, in millions) | March 1, 2025 | February 24, 2024 | Change(1) | |||||||
| Net revenues | $ | 288.2 | $ | 284.7 | 1.2 | % | ||||
| Adjusted EBITDA | $ | 17.0 | $ | 26.8 | (36.5) | % | ||||
| Adjusted EBITDA Margin | 5.9 | % | 9.4 | % | (350) | bps | ||||
| (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. | ||||||||||
- Net revenues for the Towable RV segment modestly increased primarily due to unit volume, partially offset by a shift in product mix toward lower price-point models.
- Adjusted EBITDA margin decreased primarily due to product mix, higher warranty experience compared to prior year, and higher input costs.
Motorhome RV
| Three Months Ended | ||||||||||
| ($, in millions) | March 1, 2025 | February 24, 2024 | Change(1) | |||||||
| Net revenues | $ | 235.6 | $ | 338.4 | (30.4) | % | ||||
| Adjusted EBITDA | $ | 5.2 | $ | 26.0 | (79.8) | % | ||||
| Adjusted EBITDA Margin | 2.2 | % | 7.7 | % | (540) | bps | ||||
| (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. | ||||||||||
- Net revenues for the Motorhome RV segment were down from the prior year, due to lower unit volume related to current market conditions, partially offset by favorable product mix.
- Adjusted EBITDA margin decreased compared to the prior year, primarily due to volume deleverage, partially offset by operational efficiencies and favorable warranty experience compared to prior year.
Marine
| Three Months Ended | ||||||||||
| ($, in millions) | March 1, 2025 | February 24, 2024 | Change(1) | |||||||
| Net revenues | $ | 81.7 | $ | 69.8 | 17.1 | % | ||||
| Adjusted EBITDA | $ | 7.7 | $ | 4.4 | 75.7 | % | ||||
| Adjusted EBITDA Margin | 9.4 | % | 6.3 | % | 310 | bps | ||||
| (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. | ||||||||||
- Net revenues for the Marine segment were up from the prior year, primarily due to unit volume, partially offset by a reduction in average selling price per unit related to product mix.
- Adjusted EBITDA increased compared to the prior year, primarily due to targeted price increases, leverage and operational efficiencies, partially offset by product mix and higher operating expenses, including incentive-based compensation.
Balance Sheet and Cash Flow
As of March 1, 2025, the Company had total outstanding debt of
Outlook
Based on its second quarter 2025 results, and its outlook for the balance of the year, the Company is updating its fiscal 2025 outlook for sales of
“Our full-year financial outlook for fiscal 2025 is updated to take into consideration the very dynamic environment and the macro-economic and sector challenges that our industry has been presented. Among these are stubborn interest rates, inconsistent consumer sentiment, and dealers that continue to push inventory levels lower, particularly in the Motorhome RV and Marine segments,” Happe said. “As we have in the past, we will continue to take a prudent approach to pacing our production and output with dealer demand. While these near-term challenges exist, we remain confident in the long-term demand landscape and the strong interest in the outdoor lifestyle that our consumers demonstrate. Our long-term ambitions and investment theses reflect confidence in the RV and marine markets' underlying resilience as a growing number of consumers embrace the benefits of outdoor recreation. Our strong balance sheet and robust cash flows afford us the flexibility to continue investing in product innovation to drive organic growth while maintaining our commitment to direct shareholder returns through dividends and share repurchases.”
Happe continued, "While the impact of tariffs remains an active conversation with our vendors, including collaborative discussions on how best to mitigate their impact, we have included our current estimate of the net impact of tariffs in the range provided for our fiscal year 2025 outlook. This net impact includes anticipated pricing actions that may be required to offset the estimated inflationary pressures on our input costs."
Q2 FY 2025 Conference Call
Winnebago Industries, Inc. will discuss second quarter fiscal 2025 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.
About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2025. Investors are cautioned that forward-looking statements are inherently uncertain. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance ("ESG") matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2025 Convertible Notes, 2030 Convertible Notes, and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party security analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Contacts
Investors: Ray Posadas
ir@winnebagoind.com
Media: Dan Sullivan
media@winnebagoind.com
| Winnebago Industries, Inc. Footnotes to News Release | |
| Footnotes: | |
| (1) | Data reported by Statistical Surveys, Inc., representing trailing twelve-month U.S. aluminum pontoon market share through February 2025. This data is continuously updated and often impacted by delays in reporting by various states. |
| (2) | Data reported by Statistical Surveys, Inc., representing trailing twelve-month U.S. motorhome Class A diesel market share through January 2025. This data is continuously updated and often impacted by delays in reporting by various states. |
| (3) | Beginning in the fourth quarter of Fiscal 2024, the Company updated its definition of Adjusted EPS to no longer adjust for the impact of a call spread overlay that was put in place upon the issuance of convertible notes, and which economically offsets dilution risk. Prior period amounts have been revised to conform to current year presentation. |
| (4) | Fiscal 2025 adjusted EPS guidance excludes the pretax impact of intangible amortization of approximately |
| Winnebago Industries, Inc. Condensed Consolidated Statements of Income (Unaudited and subject to reclassification) | |||||||||||||
| Three Months Ended | |||||||||||||
| (in millions, except percent and per share data) | March 1, 2025 | February 24, 2024 | |||||||||||
| Net revenues | $ | 620.2 | 100.0 | % | $ | 703.6 | 100.0 | % | |||||
| Cost of goods sold | 537.1 | 86.6 | % | 598.3 | 85.0 | % | |||||||
| Gross profit | 83.1 | 13.4 | % | 105.3 | 15.0 | % | |||||||
| Selling, general, and administrative expenses | 69.7 | 11.2 | % | 64.2 | 9.1 | % | |||||||
| Amortization | 5.6 | 0.9 | % | 5.7 | 0.8 | % | |||||||
| Total operating expenses | 75.3 | 12.1 | % | 69.9 | 9.9 | % | |||||||
| Operating income | 7.8 | 1.3 | % | 35.4 | 5.0 | % | |||||||
| Interest expense, net | 6.8 | 1.1 | % | 5.3 | 0.8 | % | |||||||
| Loss on note repurchase | 2.0 | 0.3 | % | 32.7 | 4.7 | % | |||||||
| Non-operating (income) loss | (0.6 | ) | (0.1 | )% | 3.0 | 0.4 | % | ||||||
| Loss before income taxes | (0.4 | ) | (0.1 | )% | (5.6 | ) | (0.8 | )% | |||||
| Income tax provision | — | — | % | 7.1 | 1.0 | % | |||||||
| Net loss | $ | (0.4 | ) | (0.1 | )% | $ | (12.7 | ) | (1.8 | )% | |||
| Loss per common share: | |||||||||||||
| Basic | $ | (0.02 | ) | $ | (0.43 | ) | |||||||
| Diluted | $ | (0.02 | ) | $ | (0.43 | ) | |||||||
| Weighted average common shares outstanding: | |||||||||||||
| Basic | 28.1 | 29.2 | |||||||||||
| Diluted | 28.1 | 29.2 | |||||||||||
| Six Months Ended | |||||||||||||
| (in millions, except percent and per share data) | March 1, 2025 | February 24, 2024 | |||||||||||
| Net revenues | $ | 1,245.8 | 100.0 | % | $ | 1,466.6 | 100.0 | % | |||||
| Cost of goods sold | 1,085.9 | 87.2 | % | 1,245.5 | 84.9 | % | |||||||
| Gross profit | 159.9 | 12.8 | % | 221.1 | 15.1 | % | |||||||
| Selling, general, and administrative expenses | 141.8 | 11.4 | % | 135.3 | 9.2 | % | |||||||
| Amortization | 11.2 | 0.9 | % | 11.3 | 0.8 | % | |||||||
| Total operating expenses | 153.0 | 12.3 | % | 146.6 | 10.0 | % | |||||||
| Operating income | 6.9 | 0.6 | % | 74.5 | 5.1 | % | |||||||
| Interest expense, net | 12.6 | 1.0 | % | 9.4 | 0.6 | % | |||||||
| Loss on note repurchase | 2.0 | 0.2 | % | 32.7 | 2.2 | % | |||||||
| Non-operating (income) loss | (0.6 | ) | — | % | 3.6 | 0.2 | % | ||||||
| (Loss) income before income taxes | (7.1 | ) | (0.6 | )% | 28.8 | 2.0 | % | ||||||
| Income tax (benefit) provision | (1.5 | ) | (0.1 | )% | 15.7 | 1.1 | % | ||||||
| Net (loss) income | $ | (5.6 | ) | (0.5 | )% | $ | 13.1 | 0.9 | % | ||||
| (Loss) earnings per common share: | |||||||||||||
| Basic | $ | (0.20 | ) | $ | 0.45 | ||||||||
| Diluted | $ | (0.20 | ) | $ | 0.44 | ||||||||
| Weighted average common shares outstanding: | |||||||||||||
| Basic | 28.4 | 29.4 | |||||||||||
| Diluted | 28.4 | 29.7 | |||||||||||
Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.
| Winnebago Industries, Inc. Condensed Consolidated Balance Sheets (Unaudited and subject to reclassification) | |||||
| (in millions) | March 1, 2025 | August 31, 2024 | |||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | $ | 115.5 | $ | 330.9 | |
| Receivables, net | 201.6 | 183.5 | |||
| Inventories, net | 460.2 | 438.7 | |||
| Prepaid expenses and other current assets | 34.9 | 35.6 | |||
| Total current assets | 812.2 | 988.7 | |||
| Property, plant, and equipment, net | 337.2 | 338.9 | |||
| Goodwill | 484.2 | 484.2 | |||
| Other intangible assets, net | 467.9 | 479.0 | |||
| Investment in life insurance | 29.4 | 29.6 | |||
| Operating lease assets | 44.7 | 46.6 | |||
| Other long-term assets | 18.4 | 17.2 | |||
| Total assets | $ | 2,194.0 | $ | 2,384.2 | |
| Liabilities and Shareholders' Equity | |||||
| Current liabilities | |||||
| Accounts payable | $ | 144.5 | $ | 144.7 | |
| Current maturities of long-term debt, net | 59.3 | 59.1 | |||
| Accrued expenses | 170.0 | 200.9 | |||
| Total current liabilities | 373.8 | 404.7 | |||
| Long-term debt, net | 539.4 | 637.1 | |||
| Deferred income tax liabilities, net | 2.7 | 3.0 | |||
| Unrecognized tax benefits | 5.6 | 5.4 | |||
| Long-term operating lease liabilities | 42.8 | 45.6 | |||
| Other long-term liabilities | 13.4 | 15.1 | |||
| Total liabilities | 977.7 | 1,110.9 | |||
| Shareholders' equity | 1,216.3 | 1,273.3 | |||
| Total liabilities and shareholders' equity | $ | 2,194.0 | $ | 2,384.2 | |
| Winnebago Industries, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited and subject to reclassification) | |||||||
| Six Months Ended | |||||||
| (in millions) | March 1, 2025 | February 24, 2024 | |||||
| Operating activities | |||||||
| Net (loss) income | $ | (5.6 | ) | $ | 13.1 | ||
| Adjustments to reconcile net (loss) income to net cash used in operating activities | |||||||
| Depreciation | 19.1 | 16.6 | |||||
| Amortization | 11.2 | 11.3 | |||||
| Amortization of debt issuance costs | 1.6 | 1.6 | |||||
| Last in, first-out expense | (0.4 | ) | 0.1 | ||||
| Stock-based compensation | 10.8 | 8.1 | |||||
| Deferred income taxes | (0.3 | ) | 1.9 | ||||
| Loss on note repurchase | 2.0 | 32.7 | |||||
| Contingent consideration fair value adjustment | — | 1.1 | |||||
| Other, net | (0.7 | ) | 3.0 | ||||
| Change in operating assets and liabilities, net of assets and liabilities acquired | |||||||
| Receivables, net | (18.1 | ) | (55.9 | ) | |||
| Inventories, net | (21.0 | ) | 4.3 | ||||
| Prepaid expenses and other assets | 5.1 | 1.3 | |||||
| Accounts payable | (1.3 | ) | (8.6 | ) | |||
| Income taxes and unrecognized tax benefits | (1.7 | ) | 3.5 | ||||
| Accrued expenses and other liabilities | (27.9 | ) | (30.3 | ) | |||
| Net cash (used in) provided by operating activities | (27.2 | ) | 3.8 | ||||
| Investing activities | |||||||
| Purchases of property, plant, and equipment | (18.4 | ) | (22.8 | ) | |||
| Other, net | 3.2 | (2.7 | ) | ||||
| Net cash used in investing activities | (15.2 | ) | (25.5 | ) | |||
| Financing activities | |||||||
| Borrowings on long-term debt | — | 1,805.7 | |||||
| Repayments on long-term debt | (100.5 | ) | (1,749.5 | ) | |||
| Payments for convertible note bond hedge | — | (68.7 | ) | ||||
| Proceeds from issuance of convertible note warrant | — | 31.3 | |||||
| Proceeds from partial unwind of convertible note bond hedge | — | 55.8 | |||||
| Payments for partial unwind of convertible note warrant | — | (25.3 | ) | ||||
| Payments of cash dividends | (19.8 | ) | (18.7 | ) | |||
| Payments for repurchases of common stock | (53.6 | ) | (44.2 | ) | |||
| Payments of debt issuance costs | — | (9.7 | ) | ||||
| Other, net | 0.9 | 0.8 | |||||
| Net cash used in financing activities | (173.0 | ) | (22.5 | ) | |||
| Net decrease in cash and cash equivalents | (215.4 | ) | (44.2 | ) | |||
| Cash and cash equivalents at beginning of period | 330.9 | 309.9 | |||||
| Cash and cash equivalents at end of period | $ | 115.5 | $ | 265.7 | |||
| Supplemental Disclosures | |||||||
| Income taxes paid, net | $ | 1.6 | $ | 10.8 | |||
| Interest paid | 16.6 | 13.2 | |||||
| Non-cash investing and financing activities | |||||||
| Capital expenditures in accounts payable | $ | 5.1 | $ | 2.7 | |||
| Accrued debt issuance costs | — | 0.5 | |||||
| Increase in lease assets in exchange for lease liabilities: | |||||||
| Operating leases | 2.3 | — | |||||
| Finance leases | 0.2 | 0.7 | |||||
| Winnebago Industries, Inc. Supplemental Information by Reportable Segment - Towable RV (in millions, except unit data) (Unaudited and subject to reclassification) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| March 1, 2025 | % of Revenues(1) | February 24, 2024 | % of Revenues(1) | $ Change(1) | % Change(1) | |||||||||||||
| Net revenues | $ | 288.2 | $ | 284.7 | $ | 3.5 | 1.2 | % | ||||||||||
| Adjusted EBITDA | 17.0 | 5.9 | % | 26.8 | 9.4 | % | (9.8 | ) | (36.5 | )% | ||||||||
| Three Months Ended | ||||||||||||||||||
| Unit deliveries | March 1, 2025 | Product Mix(2) | February 24, 2024 | Product Mix(2) | Unit Change | % Change | ||||||||||||
| Travel trailer | 4,828 | 66.8 | % | 4,486 | 66.5 | % | 342 | 7.6 | % | |||||||||
| Fifth wheel | 2,397 | 33.2 | % | 2,261 | 33.5 | % | 136 | 6.0 | % | |||||||||
| Total Towable RV | 7,225 | 100.0 | % | 6,747 | 100.0 | % | 478 | 7.1 | % | |||||||||
| Six Months Ended | ||||||||||||||||||
| March 1, 2025 | % of Revenues(1) | February 24, 2024 | % of Revenues(1) | $ Change(1) | % Change(1) | |||||||||||||
| Net revenues | $ | 542.2 | $ | 615.5 | $ | (73.2 | ) | (11.9 | )% | |||||||||
| Adjusted EBITDA | 30.6 | 5.6 | % | 59.9 | 9.7 | % | (29.3 | ) | (49.0 | )% | ||||||||
| Six Months Ended | ||||||||||||||||||
| Unit deliveries | March 1, 2025 | Product Mix(2) | February 24, 2024 | Product Mix(2) | Unit Change | % Change | ||||||||||||
| Travel trailer | 9,465 | 68.4 | % | 9,867 | 67.6 | % | (402 | ) | (4.1 | )% | ||||||||
| Fifth wheel | 4,376 | 31.6 | % | 4,726 | 32.4 | % | (350 | ) | (7.4 | )% | ||||||||
| Total Towable RV | 13,841 | 100.0 | % | 14,593 | 100.0 | % | (752 | ) | (5.2 | )% | ||||||||
| Dealer Inventory | March 1, 2025 | February 24, 2024 | Unit Change | % Change | ||||||||||||||
| Units | 17,406 | 18,106 | (700 | ) | (3.9 | )% | ||||||||||||
| (1) | Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. |
| (2) | Percentages may not add due to rounding differences. |
| Winnebago Industries, Inc. Supplemental Information by Reportable Segment - Motorhome RV (in millions, except unit data) (Unaudited and subject to reclassification) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| March 1, 2025 | % of Revenues(1) | February 24, 2024 | % of Revenues(1) | $ Change(1) | % Change(1) | |||||||||||||
| Net revenues | $ | 235.6 | $ | 338.4 | $ | (102.7 | ) | (30.4 | )% | |||||||||
| Adjusted EBITDA | 5.2 | 2.2 | % | 26.0 | 7.7 | % | (20.7 | ) | (79.8 | )% | ||||||||
| Three Months Ended | ||||||||||||||||||
| Unit deliveries | March 1, 2025 | Product Mix(2) | February 24, 2024 | Product Mix(2) | Unit Change | % Change | ||||||||||||
| Class A | 278 | 24.3 | % | 371 | 20.5 | % | (93 | ) | (25.1 | )% | ||||||||
| Class B | 283 | 24.7 | % | 648 | 35.8 | % | (365 | ) | (56.3 | )% | ||||||||
| Class C | 583 | 51.0 | % | 792 | 43.7 | % | (209 | ) | (26.4 | )% | ||||||||
| Total Motorhome RV | 1,144 | 100.0 | % | 1,811 | 100.0 | % | (667 | ) | (36.8 | )% | ||||||||
| Six Months Ended | ||||||||||||||||||
| March 1, 2025 | % of Revenues(1) | February 24, 2024 | % of Revenues(1) | $ Change(1) | % Change(1) | |||||||||||||
| Net revenues | $ | 507.3 | $ | 672.8 | $ | (165.4 | ) | (24.6 | )% | |||||||||
| Adjusted EBITDA | 7.9 | 1.6 | % | 47.3 | 7.0 | % | (39.4 | ) | (83.2 | )% | ||||||||
| Six Months Ended | ||||||||||||||||||
| Unit deliveries | March 1, 2025 | Product Mix(2) | February 24, 2024 | Product Mix(2) | Unit Change | % Change | ||||||||||||
| Class A | 520 | 20.3 | % | 852 | 24.1 | % | (332 | ) | (39.0 | )% | ||||||||
| Class B | 752 | 29.3 | % | 1,339 | 37.9 | % | (587 | ) | (43.8 | )% | ||||||||
| Class C | 1,294 | 50.4 | % | 1,341 | 38.0 | % | (47 | ) | (3.5 | )% | ||||||||
| Total Motorhome RV | 2,566 | 100.0 | % | 3,532 | 100.0 | % | (966 | ) | (27.3 | )% | ||||||||
| Dealer Inventory | March 1, 2025 | February 24, 2024 | Unit Change | % Change | ||||||||||||||
| Units | 3,784 | 4,844 | (1,060 | ) | (21.9 | )% | ||||||||||||
| (1) | Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. |
| (2) | Percentages may not add due to rounding differences. |
| Winnebago Industries, Inc. Supplemental Information by Reportable Segment - Marine (in millions, except unit data) (Unaudited and subject to reclassification) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| March 1, 2025 | % of Revenues(1) | February 24, 2024 | % of Revenues(1) | $ Change(1) | % Change(1) | |||||||||||||
| Net revenues | $ | 81.7 | $ | 69.8 | $ | 11.9 | 17.1 | % | ||||||||||
| Adjusted EBITDA | 7.7 | 9.4 | % | 4.4 | 6.3 | % | 3.3 | 75.7 | % | |||||||||
| Three Months Ended | ||||||||||||||||||
| Unit deliveries | March 1, 2025 | February 24, 2024 | Unit Change | % Change | ||||||||||||||
| Boats | 1,046 | 862 | 184 | 21.3 | % | |||||||||||||
| Six Months Ended | ||||||||||||||||||
| March 1, 2025 | % of Revenues(1) | February 24, 2024 | % of Revenues(1) | $ Change(1) | % Change(1) | |||||||||||||
| Net revenues | $ | 172.2 | $ | 157.1 | $ | 15.1 | 9.6 | % | ||||||||||
| Adjusted EBITDA | 16.1 | 9.3 | % | 11.6 | 7.4 | % | 4.5 | 38.9 | % | |||||||||
| Six Months Ended | ||||||||||||||||||
| Unit deliveries | March 1, 2025 | February 24, 2024 | Unit Change | % Change | ||||||||||||||
| Boats | 2,217 | 1,980 | 237 | 12.0 | % | |||||||||||||
| Dealer Inventory(2) | March 1, 2025 | February 24, 2024 | Unit Change | % Change | ||||||||||||||
| Units | 3,610 | 4,095 | (485 | ) | (11.8 | )% | ||||||||||||
| (1) | Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. |
| (2) | Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments. |
| Winnebago Industries, Inc. Non-GAAP Reconciliation (Unaudited and subject to reclassification) |
Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.
The following table reconciles diluted (loss) earnings per share to Adjusted diluted earnings per share:
| Three Months Ended | Six Months Ended | ||||||||||||||
| March 1, 2025 | February 24, 2024 | March 1, 2025 | February 24, 2024 | ||||||||||||
| Diluted (loss) earnings per share | $ | (0.02 | ) | $ | (0.43 | ) | $ | (0.20 | ) | $ | 0.44 | ||||
| Acquisition-related costs(1) | — | 0.01 | — | 0.05 | |||||||||||
| Amortization(1) | 0.20 | 0.19 | 0.40 | 0.38 | |||||||||||
| Change in fair value of note receivable(1) | — | 0.10 | — | 0.10 | |||||||||||
| Contingent consideration fair value adjustment(1) | — | 0.01 | — | 0.04 | |||||||||||
| Loss on note repurchase(2,3) | 0.07 | 1.12 | 0.07 | 1.10 | |||||||||||
| Tax impact of adjustments(3,4) | (0.06 | ) | (0.07 | ) | (0.11 | ) | (0.13 | ) | |||||||
| Adjusted diluted earnings per share(5,6) | $ | 0.19 | $ | 0.93 | $ | 0.16 | $ | 1.98 | |||||||
| (1) | Represents a pre-tax adjustment. |
| (2) | Represents the loss incurred on the partial repurchase of our Senior Secure Notes in the second quarter of Fiscal 2025 and partial repurchase of our 2025 Convertible Notes in the second quarter of Fiscal 2024. |
| (3) | The loss on note repurchase in the second quarter of Fiscal 2025 was tax-deductible, while the loss in the second quarter of Fiscal 2024 did not qualify for a tax deduction. |
| (4) | Income tax impact calculated using the statutory tax rate for the U.S. of |
| (5) | Beginning in the fourth quarter of Fiscal 2024, the Company updated its definition of Adjusted EPS to no longer adjust for the impact of a call spread overlay that was put in place upon the issuance of convertible notes, and which economically offsets dilution risk. Prior period amounts have been revised to conform to current year presentation. |
| (6) | Per share numbers may not foot due to rounding. |
The following table reconciles net (loss) income to consolidated EBITDA and Adjusted EBITDA.
| Three Months Ended | Six Months Ended | ||||||||||||||
| (in millions) | March 1, 2025 | February 24, 2024 | March 1, 2025 | February 24, 2024 | |||||||||||
| Net (loss) income | $ | (0.4 | ) | $ | (12.7 | ) | $ | (5.6 | ) | $ | 13.1 | ||||
| Interest expense, net | 6.8 | 5.3 | 12.6 | 9.4 | |||||||||||
| Income tax provision (benefit) | — | 7.1 | (1.5 | ) | 15.7 | ||||||||||
| Depreciation | 9.4 | 8.5 | 19.1 | 16.6 | |||||||||||
| Amortization | 5.6 | 5.7 | 11.2 | 11.3 | |||||||||||
| EBITDA | 21.4 | 13.9 | 35.8 | 66.1 | |||||||||||
| Acquisition-related costs | — | 0.2 | — | 1.5 | |||||||||||
| Change in fair value of note receivable | — | 3.0 | — | 3.0 | |||||||||||
| Contingent consideration fair value adjustment | — | 0.3 | — | 1.1 | |||||||||||
| Loss on note repurchase | 2.0 | 32.7 | 2.0 | 32.7 | |||||||||||
| Non-operating income | (0.6 | ) | (0.3 | ) | (0.6 | ) | (0.5 | ) | |||||||
| Adjusted EBITDA | $ | 22.8 | $ | 49.8 | $ | 37.2 | $ | 103.9 | |||||||
Non-GAAP performance measures of Adjusted diluted (loss) earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted (loss) earnings per share is defined as diluted (loss) earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net (loss) income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net (loss) income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted (loss) earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.
Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.
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