PART I. FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Presents unaudited consolidated financial statements for Q3 and YTD FY2025 and FY2024, with detailed notes on financial position and performance [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Statements of Income (Three Months Ended) | (in millions, except per share data) | May 31, 2025 | May 25, 2024 | Change ($) | Change (%) | | :---------------------------------- | :----------- | :----------- | :--------- | :--------- | | Net revenues | $775.1 | $786.0 | $(10.9) | (1.4)% | | Gross profit | $106.0 | $118.2 | $(12.2) | (10.3)% | | Operating income | $30.2 | $43.5 | $(13.4) | (30.7)% | | Net income | $17.6 | $29.0 | $(11.3) | (39.1)% | | Diluted EPS | $0.62 | $0.96 | $(0.34) | (35.4)% | Consolidated Statements of Income (Nine Months Ended) | (in millions, except per share data) | May 31, 2025 | May 25, 2024 | Change ($) | Change (%) | | :---------------------------------- | :----------- | :----------- | :--------- | :--------- | | Net revenues | $2,020.9 | $2,252.6 | $(231.7) | (10.3)% | | Gross profit | $265.9 | $339.3 | $(73.4) | (21.6)% | | Operating income | $37.1 | $118.0 | $(81.0) | (68.6)% | | Net income | $12.0 | $42.1 | $(30.1) | (71.4)% | | Diluted EPS | $0.42 | $1.40 | $(0.98) | (70.0)% | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights | (in millions) | May 31, 2025 | August 31, 2024 | | :------------------------ | :----------- | :-------------- | | Total assets | $2,132.7 | $2,384.2 | | Total liabilities | $916.8 | $1,110.9 | | Total shareholders' equity | $1,215.9 | $1,273.3 | | Cash and cash equivalents | $10.5 | $330.9 | | Inventories, net | $477.8 | $438.7 | | Long-term debt, net | $539.9 | $637.1 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows (Nine Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :-------------------------------------- | :----------- | :----------- | | Net cash (used in) provided by operating activities | $(52.5) | $103.2 | | Net cash used in investing activities | $(25.5) | $(36.4) | | Net cash used in financing activities | $(242.4) | $(58.6) | | Net (decrease) increase in cash and cash equivalents | $(320.4) | $8.2 | | Cash and cash equivalents at end of period | $10.5 | $318.1 | [Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' Equity Changes (Nine Months Ended May 31, 2025) | (in millions) | Amount | | :------------------------ | :----- | | Balances at August 31, 2024 | $1,273.3 | | Stock-based compensation | $12.2 | | Repurchase of common stock | $(54.1) | | Common stock dividends | $(29.0) | | Net income | $12.0 | | Balances at May 31, 2025 | $1,215.9 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Note 1. Basis of Presentation](index=10&type=section&id=Note%201.%20Basis%20of%20Presentation) Outlines the basis for preparing consolidated financial statements, including U.S. GAAP adherence, segment changes, and evaluation of new FASB pronouncements - A Grand Design motorhomes operating segment was established in the first quarter of Fiscal 2025 and included in the Motorhome RV reportable segment. Prior period amounts were not reclassified as the impact was not significant[23](index=23&type=chunk) - The company is evaluating the impact of new FASB ASUs: 2024-04 (convertible debt settlements), 2024-03 (disaggregated expense disclosures), 2023-09 (income tax disclosures), and 2023-07 (segment reporting disclosures)[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) [Note 2. Business Segments](index=12&type=section&id=Note%202.%20Business%20Segments) Details the company's nine operating segments aggregated into three reportable segments: Towable RV, Motorhome RV, and Marine, with performance evaluated by Adjusted EBITDA - Winnebago Industries has nine operating segments grouped into three reportable segments: Towable RV, Motorhome RV, and Marine. Performance is assessed using Adjusted EBITDA[31](index=31&type=chunk)[32](index=32&type=chunk)[36](index=36&type=chunk) Segment Net Revenues (Three Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :------------ | :----------- | :----------- | | Towable RV | $371.7 | $386.3 | | Motorhome RV | $291.2 | $299.0 | | Marine | $100.7 | $87.9 | | Corporate / All Other | $11.5 | $12.8 | | Consolidated | $775.1 | $786.0 | Segment Adjusted EBITDA (Three Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :------------ | :----------- | :----------- | | Towable RV | $35.4 | $41.9 | | Motorhome RV | $3.0 | $13.4 | | Marine | $11.6 | $8.5 | | Corporate / All Other | $(3.5) | $(5.8) | | Consolidated | $46.5 | $58.0 | [Note 3. Investments and Fair Value Measurements](index=14&type=section&id=Note%203.%20Investments%20and%20Fair%20Value%20Measurements) Details the company's fair value measurement approach, categorizing assets and liabilities by input transparency, and notes a $1.2 million asset impairment Assets Measured at Fair Value on a Recurring Basis (May 31, 2025) | (in millions) | Fair Value | Level 1 | Level 2 | Level 3 | | :------------------------ | :--------- | :------ | :------ | :------ | | Domestic equity funds | $2.1 | $2.1 | — | — | | International equity funds | $0.1 | $0.1 | — | — | | Total assets at fair value | $2.2 | $2.2 | — | — | - For the nine months ended May 31, 2025, the Company recognized an impairment of approximately **$1.2 million** related to non-financial assets. No impairment was recorded in the prior year period[44](index=44&type=chunk) [Note 4. Inventories](index=15&type=section&id=Note%204.%20Inventories) Provides a breakdown of inventory components and specifies the valuation methods used Inventories Breakdown (in millions) | Category | May 31, 2025 | August 31, 2024 | | :---------------- | :----------- | :-------------- | | Finished goods | $79.0 | $81.3 | | Work-in-process | $169.3 | $171.9 | | Raw materials | $281.0 | $237.6 | | Total | $529.3 | $490.8 | | Less: FIFO over LIFO cost | $51.5 | $52.1 | | Inventories, net | $477.8 | $438.7 | [Note 5. Property, Plant, and Equipment](index=16&type=section&id=Note%205.%20Property,%20Plant,%20and%20Equipment) Details the composition of property, plant, and equipment (PPE) at cost, net of accumulated depreciation, and reports depreciation expense Property, Plant, and Equipment, Net (in millions) | Category | May 31, 2025 | August 31, 2024 | | :------------------------------ | :----------- | :-------------- | | Land | $14.6 | $14.6 | | Buildings and building improvements | $278.8 | $279.3 | | Machinery and equipment | $181.0 | $171.8 | | Software | $81.0 | $72.0 | | Transportation | $7.5 | $7.8 | | Construction in progress | $29.3 | $24.5 | | Property, plant, and equipment, gross | $592.2 | $570.0 | | Less: Accumulated depreciation | $256.0 | $231.1 | | Property, plant, and equipment, net | $336.2 | $338.9 | - Depreciation expense was **$9.6 million** for the three months ended May 31, 2025 (up from $8.9 million YoY) and **$28.7 million** for the nine months ended May 31, 2025 (up from $25.5 million YoY)[48](index=48&type=chunk) [Note 6. Goodwill and Intangible Assets](index=16&type=section&id=Note%206.%20Goodwill%20and%20Intangible%20Assets) Provides a breakdown of goodwill by reportable segment and details other intangible assets, net of accumulated amortization, including estimated future amortization expense Goodwill by Reportable Segment (in millions) | Segment | May 31, 2025 & August 31, 2024 | | :---------------------- | :----------------------------- | | Towable RV | $244.7 | | Motorhome RV | $73.1 | | Marine | $30.3 | | Corporate / All Other | $136.1 | | Total | $484.2 | Other Intangible Assets, Net (in millions) | Category | May 31, 2025 | August 31, 2024 | | :------------------------------ | :----------- | :-------------- | | Indefinite-lived trade names | $352.3 | $352.3 | | Finite-lived trade name | $2.9 | $3.3 | | Dealer networks/customer relationships | $80.4 | $92.1 | | Backlog | — | $0.4 | | Developed technology | $26.8 | $30.9 | | Other intangible assets, net | $462.4 | $479.0 | Estimated Future Amortization Expense (in millions) | Fiscal Year | Amortization | | :------------------ | :----------- | | Remainder of Fiscal 2025 | $5.4 | | Fiscal 2026 | $21.7 | | Fiscal 2027 | $21.7 | | Fiscal 2028 | $21.4 | | Fiscal 2029 | $15.5 | | Fiscal 2030 | $12.3 | | Thereafter | $12.1 | | Total | $110.1 | [Note 7. Product Warranties](index=17&type=section&id=Note%207.%20Product%20Warranties) Describes the company's product warranty policies and provides a table detailing changes in product warranty liability Changes in Product Warranty Liability (in millions) | Category | Three Months Ended May 31, 2025 | Three Months Ended May 25, 2024 | Nine Months Ended May 31, 2025 | Nine Months Ended May 25, 2024 | | :------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Balance at beginning of period | $66.7 | $89.3 | $78.9 | $97.8 | | Provision | $29.3 | $20.7 | $69.6 | $60.6 | | Claims paid | $(24.0) | $(25.0) | $(76.5) | $(73.4) | | Balance at end of period | $72.0 | $85.0 | $72.0 | $85.0 | [Note 8. Debt](index=17&type=section&id=Note%208.%20Debt) Summarizes outstanding debt, including the ABL Credit Facility, Senior Secured Notes, and 2030 Convertible Notes, detailing terms and significant events Outstanding Debt (in millions) | Debt Type | May 31, 2025 | August 31, 2024 | | :------------------------ | :----------- | :-------------- | | ABL Credit Facility | $— | $— | | Senior Secured Notes | $200.0 | $300.0 | | 2030 Convertible Notes | $350.0 | $350.0 | | 2025 Convertible Notes | $— | $59.3 | | Total debt, gross | $550.0 | $709.3 | - On February 20, 2025, **$100.0 million** aggregate principal amount of Senior Secured Notes were tendered and accepted, resulting in a **$2.0 million** loss on note repurchase[59](index=59&type=chunk) - The 2025 Convertible Notes matured on April 1, 2025, and were fully repaid with **$59.3 million** in principal and **$0.4 million** in accrued interest using cash on hand, with no shares of common stock issued[78](index=78&type=chunk) Aggregate Contractual Maturities of Debt (in millions) | Fiscal Year | Amount | | :------------------ | :----- | | Remainder of Fiscal 2025 | $— | | Fiscal 2026 | $— | | Fiscal 2027 | $— | | Fiscal 2028 | $200.0 | | Fiscal 2029 | $— | | Fiscal 2030 | $350.0 | | Total debt, gross | $550.0 | [Note 9. Contingent Liabilities and Commitments](index=22&type=section&id=Note%209.%20Contingent%20Liabilities%20and%20Commitments) Discusses repurchase commitments with lending institutions for dealer floorplan financing and addresses ongoing litigation - Total contingent liability on repurchase agreements was approximately **$1,707.2 million** at May 31, 2025, an increase from **$1,673.7 million** at August 31, 2024[85](index=85&type=chunk) - The repurchase accrual was **$1.2 million** at May 31, 2025, up from **$1.1 million** at August 31, 2024[86](index=86&type=chunk) [Note 10. Revenue](index=23&type=section&id=Note%2010.%20Revenue) Disaggregates revenue by reportable segment and product category, primarily from sales to independent dealer networks Net Revenues by Segment and Product Category (Three Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :------------ | :----------- | :----------- | | **Towable RV**| | | | Fifth Wheel | $186.1 | $195.3 | | Travel Trailer| $177.9 | $183.0 | | Other | $7.7 | $8.0 | | Total Towable RV | $371.7 | $386.3 | | **Motorhome RV**| | | | Class A | $118.2 | $124.4 | | Class B | $29.6 | $60.2 | | Class C and Other | $143.4 | $114.4 | | Total Motorhome RV | $291.2 | $299.0 | | Marine | $100.7 | $87.9 | | Corporate / All Other | $11.5 | $12.8 | | Consolidated Net Revenues | $775.1 | $786.0 | Net Revenues by Segment and Product Category (Nine Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :------------ | :----------- | :----------- | | **Towable RV**| | | | Fifth Wheel | $464.8 | $501.4 | | Travel Trailer| $426.0 | $475.3 | | Other | $23.1 | $25.1 | | Total Towable RV | $913.9 | $1,001.8 | | **Motorhome RV**| | | | Class A | $324.5 | $420.2 | | Class B | $114.1 | $209.5 | | Class C and Other | $359.9 | $342.1 | | Total Motorhome RV | $798.5 | $971.8 | | Marine | $272.9 | $245.0 | | Corporate / All Other | $35.6 | $34.0 | | Consolidated Net Revenues | $2,020.9 | $2,252.6 | [Note 11. Income Taxes](index=23&type=section&id=Note%2011.%20Income%20Taxes) Provides effective tax rates and explains primary drivers for changes, including R&D credits, reserve releases, and non-deductible losses Effective Tax Rates | Period | May 31, 2025 | May 25, 2024 | | :------------------------ | :----------- | :----------- | | Three Months Ended | 26.3% | 18.4% | | Nine Months Ended | 28.5% | 34.5% | - The increase in the effective tax rate for the three months ended May 31, 2025, was primarily due to prior year's favorable R&D credit increase and reserve release, alongside lower current year income. The decrease for the nine months was mainly due to the prior year's non-deductible loss on note repurchase[91](index=91&type=chunk) [Note 12. Earnings Per Share](index=24&type=section&id=Note%2012.%20Earnings%20Per%20Share) Details the calculation of basic and diluted earnings per share, outlining net income and weighted average common shares outstanding Earnings Per Share (Three Months Ended) | (in millions, except per share data) | May 31, 2025 | May 25, 2024 | | :---------------------------------- | :----------- | :----------- | | Basic earnings per common share | $0.63 | $0.99 | | Diluted earnings per common share | $0.62 | $0.96 | | Weighted average common shares outstanding (Basic) | 28.0 | 29.2 | | Weighted average common shares outstanding (Diluted) | 28.4 | 30.4 | Earnings Per Share (Nine Months Ended) | (in millions, except per share data) | May 31, 2025 | May 25, 2024 | | :---------------------------------- | :----------- | :----------- | | Basic earnings per common share | $0.43 | $1.43 | | Diluted earnings per common share | $0.42 | $1.40 | | Weighted average common shares outstanding (Basic) | 28.3 | 29.3 | | Weighted average common shares outstanding (Diluted) | 28.4 | 30.6 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on financial condition, results of operations, liquidity, and factors affecting future results, including segment updates and non-GAAP measures [Overview](index=25&type=section&id=Overview) Winnebago Industries, a leading outdoor lifestyle product manufacturer, faces macroeconomic challenges impacting sales and demand, prompting strategic business transformation - Winnebago Industries is a leading North American manufacturer of outdoor lifestyle products (RVs, marine) and advanced battery solutions, distributed primarily through independent dealers in the U.S. and Canada[98](index=98&type=chunk) - The business faces challenges from macroeconomic conditions including inflation, elevated interest rates, and lower consumer confidence, leading to decreased sales and reduced short-term demand for discretionary products[99](index=99&type=chunk) - The company is transforming its Winnebago motorhome business by lowering field inventory, improving working capital, aligning production to market demand, and enhancing product value[99](index=99&type=chunk) [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) Defines EBITDA and Adjusted EBITDA, outlining the adjustments made to present comparable financial results - EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense[103](index=103&type=chunk) - Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense, and other pretax adjustments (e.g., acquisition-related costs, contingent consideration fair value adjustment, loss on note repurchase, asset impairment, non-operating income or loss) to present comparable results[103](index=103&type=chunk)[105](index=105&type=chunk) [Results of Operations - Three Months Ended May 31, 2025 Compared to Three Months Ended May 25, 2024](index=26&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20May%2031,%202025%20Compared%20to%20Three%20Months%20Ended%20May%2025,%202024) Consolidated net revenues decreased by 1.4% to $775.1 million, driven by product mix and Motorhome RV volume declines, while gross profit margin, operating income, and net income also decreased [Consolidated Performance Summary](index=26&type=section&id=Consolidated%20Performance%20Summary%20(3%20Months)) Consolidated Performance Summary (Three Months Ended) | ($ in millions, except per share data) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :----------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $775.1 | $786.0 | $(10.9) | (1.4)% | | Gross profit | $106.0 | $118.2 | $(12.2) | (10.3)% | | Operating income | $30.2 | $43.5 | $(13.4) | (30.7)% | | Net income | $17.6 | $29.0 | $(11.3) | (39.1)% | | Diluted earnings per share | $0.62 | $0.96 | $(0.34) | (35.4)% | - Net revenues decreased primarily due to a reduction in average selling price per unit related to product mix, partially offset by targeted price increases. Unit volume growth in Towable RV and Marine segments was offset by declines in Motorhome RV[107](index=107&type=chunk) - Gross profit as a percentage of revenue decreased primarily due to higher warranty experience and deleverage associated with product mix, partially offset by operational efficiencies[108](index=108&type=chunk) [Non-GAAP Reconciliation](index=27&type=section&id=Non-GAAP%20Reconciliation%20(3%20Months)) Consolidated EBITDA and Adjusted EBITDA (Three Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :-------------------- | :----------- | :----------- | | Net income | $17.6 | $29.0 | | EBITDA | $45.7 | $55.8 | | Adjusted EBITDA | $46.5 | $58.0 | [Reportable Segment Performance Summary](index=27&type=section&id=Reportable%20Segment%20Performance%20Summary%20(3%20Months)) [Towable RV](index=27&type=section&id=Towable%20RV%20(3%20Months)) Towable RV Performance (Three Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $371.7 | $386.3 | $(14.7) | (3.8)% | | Adjusted EBITDA | $35.4 | $41.9 | $(6.6) | (15.7)% | | Average Selling Price (ASP) | $38,934 | $41,638 | $(2,704) | (6.5)% | | Unit deliveries | 9,495 | 9,263 | 232 | 2.5% | - Net revenues decreased primarily due to a shift in product mix toward lower price-point models, partially offset by higher unit volume[112](index=112&type=chunk) [Motorhome RV](index=28&type=section&id=Motorhome%20RV%20(3%20Months)) Motorhome RV Performance (Three Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $291.2 | $299.0 | $(7.9) | (2.6)% | | Adjusted EBITDA | $3.0 | $13.4 | $(10.4) | (77.7)% | | Average Selling Price (ASP) | $208,146 | $183,568 | $24,578 | 13.4% | | Unit deliveries | 1,431 | 1,680 | (249) | (14.8)% | - Net revenues decreased primarily due to lower unit volume related to current market conditions, partially offset by product mix[114](index=114&type=chunk) - Adjusted EBITDA margin decreased primarily due to higher discounts and allowances, volume deleverage, and operational inefficiencies within the Winnebago motorhome business[115](index=115&type=chunk) [Marine](index=28&type=section&id=Marine%20(3%20Months)) Marine Performance (Three Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $100.7 | $87.9 | $12.8 | 14.6% | | Adjusted EBITDA | $11.6 | $8.5 | $3.1 | 37.0% | | Average Selling Price (ASP) | $81,185 | $78,595 | $2,590 | 3.3% | | Unit deliveries | 1,254 | 1,127 | 127 | 11.3% | - Net revenues increased primarily due to unit volume and targeted price increases, partially offset by product mix[116](index=116&type=chunk) [Results of Operations - Nine Months Ended May 31, 2025 Compared to the Nine Months Ended May 25, 2024](index=29&type=section&id=Results%20of%20Operations%20-%20Nine%20Months%20Ended%20May%2031,%202025%20Compared%20to%20the%20Nine%20Months%20Ended%20May%2025,%202024) Consolidated net revenues decreased by 10.3% to $2,020.9 million, driven by lower unit volume and product mix, with significant declines in gross profit, operating income, and net income [Consolidated Performance Summary](index=29&type=section&id=Consolidated%20Performance%20Summary%20(9%20Months)) Consolidated Performance Summary (Nine Months Ended) | ($ in millions, except per share data) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :----------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $2,020.9 | $2,252.6 | $(231.7) | (10.3)% | | Gross profit | $265.9 | $339.3 | $(73.4) | (21.6)% | | Operating income | $37.1 | $118.0 | $(81.0) | (68.6)% | | Net income | $12.0 | $42.1 | $(30.1) | (71.4)% | | Diluted earnings per share | $0.42 | $1.40 | $(0.98) | (70.0)% | - Net revenues decreased primarily due to a reduction in average selling price per unit related to product mix and lower unit volume, partially offset by targeted price increases[118](index=118&type=chunk) - Gross profit as a percentage of revenue decreased primarily due to deleverage, including that associated with product mix, and higher warranty experience, partially offset by operational efficiencies[119](index=119&type=chunk) - Interest expense, net increased primarily due to the 2030 Convertible Notes issued in the second quarter of 2024[120](index=120&type=chunk) [Non-GAAP Reconciliation](index=30&type=section&id=Non-GAAP%20Reconciliation%20(9%20Months)) Consolidated EBITDA and Adjusted EBITDA (Nine Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :-------------------- | :----------- | :----------- | | Net income | $12.0 | $42.1 | | EBITDA | $81.5 | $121.9 | | Adjusted EBITDA | $83.7 | $161.9 | [Reportable Segment Performance Summary](index=31&type=section&id=Reportable%20Segment%20Performance%20Summary%20(9%20Months)) [Towable RV](index=31&type=section&id=Towable%20RV%20(9%20Months)) Towable RV Performance (Nine Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $913.9 | $1,001.8 | $(87.9) | (8.8)% | | Adjusted EBITDA | $66.0 | $101.8 | $(35.9) | (35.2)% | | Average Selling Price (ASP) | $38,906 | $41,841 | $(2,935) | (7.0)% | | Unit deliveries | 23,336 | 23,856 | (520) | (2.2)% | | Dealer Inventory (Units) | 17,747 | 18,110 | (363) | (2.0)% | - Net revenues decreased primarily due to a shift in product mix toward lower price-point models and lower unit volume due to market conditions, partially offset by targeted price increases[124](index=124&type=chunk) [Motorhome RV](index=32&type=section&id=Motorhome%20RV%20(9%20Months)) Motorhome RV Performance (Nine Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $798.5 | $971.8 | $(173.3) | (17.8)% | | Adjusted EBITDA | $10.9 | $60.7 | $(49.8) | (82.0)% | | Average Selling Price (ASP) | $204,588 | $189,356 | $15,232 | 8.0% | | Unit deliveries | 3,997 | 5,212 | (1,215) | (23.3)% | | Dealer Inventory (Units) | 3,614 | 4,386 | (772) | (17.6)% | - Net revenues decreased primarily due to lower unit volume related to market conditions, partially offset by the introduction of the Grand Design motorhome business and product mix[127](index=127&type=chunk) - Adjusted EBITDA margin decreased primarily due to volume deleverage, operational inefficiencies, and higher discounts and allowances associated with the Winnebago motorhome business[128](index=128&type=chunk) [Marine](index=33&type=section&id=Marine%20(9%20Months)) Marine Performance (Nine Months Ended) | (in millions, except ASP and units) | May 31, 2025 | May 25, 2024 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :------- | :------- | | Net revenues | $272.9 | $245.0 | $27.9 | 11.4% | | Adjusted EBITDA | $27.7 | $20.1 | $7.6 | 38.1% | | Average Selling Price (ASP) | $79,846 | $80,819 | $(973) | (1.2)% | | Unit deliveries | 3,471 | 3,107 | 364 | 11.7% | | Dealer Inventory (Units) | 3,069 | 3,400 | (331) | (9.7)% | - Net revenues increased primarily due to unit volume and targeted price increases, partially offset by a reduction in average selling price per unit related to product mix[130](index=130&type=chunk) [Analysis of Financial Condition, Liquidity, and Capital Resources](index=33&type=section&id=Analysis%20of%20Financial%20Condition,%20Liquidity,%20and%20Capital%20Resources) Analyzes cash flows, debt, working capital, and share repurchases, highlighting decreased operating cash flow and increased financing activities, while maintaining sufficient liquidity [Cash Flows](index=33&type=section&id=Cash%20Flows) Summary of Cash Flows (Nine Months Ended) | (in millions) | May 31, 2025 | May 25, 2024 | | :-------------------------------------- | :----------- | :----------- | | Total cash (used in) provided by: | | | | Operating activities | $(52.5) | $103.2 | | Investing activities | $(25.5) | $(36.4) | | Financing activities | $(242.4) | $(58.6) | | Net (decrease) increase in cash and cash equivalents | $(320.4) | $8.2 | - Net cash used in operating activities was **$52.5 million**, a significant decrease from **$103.2 million** provided in the prior year, driven by lower profitability, increased inventory, and higher accounts receivable[133](index=133&type=chunk) - Cash used in financing activities increased primarily due to partial settlement of high-yield notes and the maturity of 2025 Convertible Notes[135](index=135&type=chunk) [Debt and Capital](index=34&type=section&id=Debt%20and%20Capital) - The company maintains a **$350.0 million** ABL Credit Facility, which was undrawn as of May 31, 2025, with a maturity date of July 15, 2027[136](index=136&type=chunk) - As of May 31, 2025, the company had **$10.5 million** in cash and cash equivalents and **$350.0 million** in unused ABL Credit Facility[136](index=136&type=chunk) - The 2025 Convertible Notes matured on April 1, 2025, and were fully settled with cash on hand (**$59.3 million** principal, **$0.4 million** accrued interest)[139](index=139&type=chunk) [Working Capital](index=34&type=section&id=Working%20Capital) Working Capital (in millions) | Period | Amount | | :------------ | :----- | | May 31, 2025 | $444.2 | | August 31, 2024 | $584.0 | [Share Repurchases](index=34&type=section&id=Share%20Repurchases) - The Board of Directors authorized a **$350.0 million** share repurchase program on August 17, 2022, with no time restriction[144](index=144&type=chunk) - In the nine months ended May 31, 2025, the company repurchased approximately **951,000 shares** for **$50.0 million** under this authorization, and **64,000 shares** for **$3.6 million** to satisfy tax obligations on employee equity awards[144](index=144&type=chunk) - As of May 31, 2025, **$180.0 million** remained on the Board-approved repurchase authorization[144](index=144&type=chunk) - A quarterly cash dividend of **$0.34 per share** was approved on May 16, 2025, payable on June 25, 2025[145](index=145&type=chunk) [Contractual Obligations and Commercial Commitments](index=35&type=section&id=Contractual%20Obligations%20and%20Commercial%20Commitments) - There have been no material changes in contractual obligations since the end of Fiscal 2024[146](index=146&type=chunk) [Critical Accounting Estimates](index=35&type=section&id=Critical%20Accounting%20Estimates) - There have been no material changes to critical accounting policies or estimates since the end of Fiscal 2024[147](index=147&type=chunk) [Recently Issued Accounting Pronouncements](index=35&type=section&id=Recently%20Issued%20Accounting%20Pronouncements) - For a summary of new applicable accounting pronouncements, refer to Note 1 in the Notes to Consolidated Financial Statements[148](index=148&type=chunk) [Safe Harbor Statement Under the Private Securities Litigation Reform Act](index=35&type=section&id=Safe%20Harbor%20Statement%20Under%20the%20Private%20Securities%20Litigation%20Reform%20Act) - The report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially[149](index=149&type=chunk) - Important factors include general economic uncertainty, financing availability for dealers/retailers, competition, ability to innovate, inventory management, cyclicality, dealer risks, increased repurchase obligations, supply chain issues, material costs, M&A integration, personnel retention, warranty claims, IT security, brand reputation, governmental regulation, ESG matters, goodwill impairment, and risks related to convertible notes[151](index=151&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Addresses the company's exposure to market risks, noting that deferred compensation asset risk is borne by participants and the ABL Credit Facility is the only undrawn floating rate debt - Assets funding deferred compensation have market risk, but this risk is borne by the participants due to a corresponding liability[152](index=152&type=chunk) - The ABL Credit Facility is the company's only floating rate debt instrument and remains undrawn as of May 31, 2025[153](index=153&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of May 31, 2025, with no material changes in internal control over financial reporting - Disclosure controls and procedures were evaluated and concluded to be effective as of May 31, 2025[154](index=154&type=chunk) - There were no material changes in internal control over financial reporting during the third quarter of Fiscal 2025[155](index=155&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 9 in the Consolidated Financial Statements for a description of the company's legal proceedings - For a description of legal proceedings, refer to Note 9 in the Notes to Consolidated Financial Statements[156](index=156&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) States that there have been no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended August 31, 2024 - There have been no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended August 31, 2024[157](index=157&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the company's stock repurchase activities during the third quarter of Fiscal 2025, including shares repurchased under the Board-authorized program and for tax obligations Stock Repurchases (Third Quarter Fiscal 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (in millions) | | :-------------- | :------------------------------- | :--------------------------- | :--------------------------------------------------------------------------------------------------- | | 3/2/25 - 4/5/25 | — | $— | $180.0 | | 4/6/25 - 5/3/25 | 469 | $32.06 | $180.0 | | 5/4/25 - 5/31/25| 779 | $34.44 | $180.0 | | Total | 1,248 | $33.54 | $180.0 | - Shares not purchased as part of a publicly announced program were repurchased from employees who vested in Company shares and elected to pay their payroll tax via the value of shares delivered as opposed to cash[158](index=158&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) Confirms that no director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter ended May 31, 2025 - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarter ended May 31, 2025[159](index=159&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) Lists the exhibits filed as part of the Form 10-Q, including organizational documents, debt indentures, certifications, and XBRL interactive data files - Key exhibits include Articles of Incorporation, Bylaws, Indentures for Senior Secured Notes and 2030 Convertible Notes, Certifications by CEO and CFO (Sections 302 and 906), and various XBRL documents[160](index=160&type=chunk) SIGNATURES [SIGNATURES](index=36&type=section&id=SIGNATURES) Contains the official signatures of the Chief Executive Officer and Chief Financial Officer, certifying the filing of the report on behalf of Winnebago Industries, Inc

Core Viewpoint - Winnebago Industries reported a significant reduction in adjusted EPS guidance and net revenue guidance for FY2025, highlighting operational inefficiencies in the Motorhome segment while noting improvements in Marine and selective growth in other segments [1][10]. Inventory Discipline - The company aims for a long-term operational standard of two times inventory turn, aligning with dealer goals and industry best practices, and is willing to sacrifice short-term market share for channel health [3][4]. - This disciplined approach may increase near-term financial pressure but is expected to enhance dealer partnerships and improve supply-demand dynamics when demand recovers [4]. Tariff Risk - Recent U.S. tariff policy escalations have a direct impact on imported RV and marine components, with a forecasted unmitigated tariff risk of $0.50–$0.75 to diluted EPS for FY2026 [5][6]. - The company is monitoring costs with suppliers and may implement price increases to offset short-term effects, but persistent tariff exposure could depress profitability if mitigation tactics are insufficient [6]. Segment Performance - The Marine segment achieved a 15% net revenue increase and over 11% unit growth in Q3 FY2025, with Barletta capturing 9.2% of the U.S. aluminum pontoon market [7]. - Newmar's Class A diesel market share exceeded 33%, and dealer inventory for the brand has significantly decreased since 2019, contributing to the company's risk diversification [7][9]. Future Outlook - Full-year adjusted EPS guidance for FY2025 has been lowered to $1.20–$1.70, with consolidated revenue guidance set at $2.7 billion–$2.8 billion due to dealer destocking and weak RV retail demand [10]. - The company targets margin recapture in the Motorhome segment for FY2026 and aims to reduce net leverage, with a current net-debt-to-EBITDA ratio of 4.8 times [10].

Financial Data and Key Metrics Changes - Net revenues declined modestly in Q3, primarily due to a shift in product mix as the new lower ASP Grand Design Transcend series travel trailers outpaced the broader portfolio in terms of units sold [23] - Gross margin decreased by 130 basis points year over year, attributed to higher warranty experience and product mix, partially offset by operational efficiencies [24] - Adjusted EBITDA margin declined by 140 basis points year over year, primarily due to the lower gross margin [24] Business Line Data and Key Metrics Changes - In the Towable RV segment, lower net revenues were largely due to a shift in product mix, with a 2.5% increase in segment unit volume [24] - Motorhome RV results showed a decline in net revenues due to lower unit volume related to market conditions, with total motorhome RV volume down 14.8% compared to the prior year [26] - Marine segment net revenues increased by 15%, driven primarily by higher unit volume and targeted price increases, with unit volume up more than 11% year over year [27] Market Data and Key Metrics Changes - North America RV retail sales declined by 8.2% in April, marking the third consecutive month of retail sales dropping by more than 8% [15] - Wholesale RV shipments increased by 3.4% in April, with towable RVs led by conventional travel trailers rising 4.2% compared to the same month last year [16] - The company lowered its industry forecast for wholesale RV shipments to a range of 315,000 to 335,000 units for calendar year 2025 [18] Company Strategy and Development Direction - The company is focused on executing a comprehensive margin recapture plan centered on refreshing the product line, boosting operational efficiency, and rebuilding sustained profitability beginning in fiscal 2026 [10] - Strategic actions include conducting a capacity utilization analysis, reviewing the manufacturing footprint, and evolving the supply chain in light of expected tariff cost pressure [11] - The company aims to enhance long-term competitiveness and enterprise resilience through disciplined resource allocation and operational efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management noted that growing macroeconomic uncertainty has led to a notable downshift in RV activity, which is expected to continue through the remainder of the calendar year [9] - The company anticipates that the inflection point for recovery in the RV market may not occur as hoped, leading to a tempered outlook for the remainder of calendar year 2025 [50] - Management expressed confidence in the resilience of the brands and the long-term potential of the end markets, driven by the growing appeal of the outdoor lifestyle [35] Other Important Information - The company has been recognized by Newsweek as one of America's most trustworthy companies for the second consecutive year [14] - The company is taking a comprehensive approach to minimize the effects of tariffs, with anticipated modest price increases to offset net remaining exposure of tariffs for fiscal 2025 [30][31] - Free cash flow was negative $81.7 million for the nine-month period, driven primarily by operational inefficiencies and strategic investments [28] Q&A Session Summary Question: Steps being taken to address the Winnebago branded motorhome business - Management discussed significant production reductions to avoid pushing units to the field with high sales allowances, focusing on improving working capital and cash flow [38][39] Question: Profitability decline in the motorized business - Management indicated that the decline is related to deleverage and necessary discounting to push products into the market [44] Question: Outlook for the back half of calendar 2025 - Management refrained from providing specific guidance for calendar year 2026 but acknowledged that the market recovery is not occurring as hoped [50] Question: Impact of tariffs on pricing - Management explained that the anticipated tariff-related costs could lead to price adjustments, with a potential net risk of $0.50 to $0.75 of diluted earnings per share for fiscal 2026 [32][54] Question: Inventory management and turns - Management confirmed that they are targeting a two-turn ratio in the long term, although they do not expect to achieve that by the end of fiscal 2025 [88][92] Question: Performance of Newmar brand - Management highlighted Newmar's strong retail share and profitability, attributing success to a robust product line and effective dealer inventory management [100][102]

Financial Data and Key Metrics Changes - Net revenues declined modestly in Q3, primarily due to a shift in product mix as the new lower ASP Grand Design Transcend series travel trailers outpaced the broader portfolio in terms of units sold [23] - Gross margin decreased by 130 basis points year over year, attributed to higher warranty experience and product mix, partially offset by operational efficiencies [24] - Adjusted EBITDA margin declined by 140 basis points year over year, primarily due to the lower gross margin [24] Business Line Data and Key Metrics Changes - In the Towable RV segment, lower net revenues were largely due to a shift in product mix with the addition of new Grand Design travel trailers, leading to a 2.5% increase in segment unit volume [24] - Motorhome RV net revenues decreased due to lower unit volume related to current market conditions, with total motorhome RV volume declining by 14.8% compared to the prior year [26] - The Marine segment saw a 15% increase in net revenues driven by higher unit volume and targeted price increases, with unit volume up more than 11% year over year [27] Market Data and Key Metrics Changes - North American RV retail sales declined by 8.2% in April, marking the third consecutive month of retail sales dropping by more than 8% [15] - Wholesale RV shipments increased by 3.4% in April, with towable RVs leading the rise [16] - The company lowered its industry forecast for wholesale RV shipments to a range of 315,000 to 335,000 units for calendar year 2025 [17] Company Strategy and Development Direction - The company is focused on executing a comprehensive margin recapture plan centered on refreshing the product line, boosting operational efficiency, and rebuilding sustained profitability beginning in fiscal 2026 [10] - Strategic actions include conducting a capacity utilization analysis, reviewing the manufacturing footprint, and evolving the supply chain in light of expected tariff cost pressure [11] - The company aims to enhance long-term competitiveness and enterprise resilience through disciplined resource allocation and operational efficiency [11] Management Comments on Operating Environment and Future Outlook - Management acknowledged growing macroeconomic uncertainty leading to a downshift in RV activity, which is expected to continue through the remainder of the calendar year [8] - The company remains confident in the resilience of its brands and the long-term potential of its end markets, driven by the growing appeal of the outdoor lifestyle [35] - Management indicated that the second half of fiscal 2025 will see significantly lower net revenues in the Winnebago Motorhome branded business due to market pressures [34] Other Important Information - The company has been recognized by Newsweek as one of America's most trustworthy companies for the second consecutive year [14] - The company is focused on deleveraging its balance sheet while continuing to make targeted growth investments [28] - Free cash flow was negative $81.7 million for the nine-month period, driven primarily by operational inefficiencies [29] Q&A Session Summary Question: Steps to improve the Winnebago branded motorhome business - Management discussed significant production reductions to avoid pushing units to the field with high sales allowances, focusing on improving working capital and cash flow [38][39] Question: Profitability decline in the motorized business - Management indicated that the decline is due to deleverage and necessary discounting to move products in a competitive market [44][45] Question: Outlook for the back half of calendar 2025 - Management refrained from commenting on 2026 but acknowledged that the anticipated recovery in 2025 does not appear to be happening [50] Question: Impact of tariffs on pricing - Management explained that the potential net risk of tariffs could impact diluted earnings per share by $0.50 to $0.75 for fiscal 2026, with ongoing efforts to mitigate these costs [32][54] Question: Strategies from Newmar that could be applied to Winnebago - Management highlighted Newmar's strong product line and effective dealer inventory management as key factors in its success, which could inform strategies for Winnebago [100][102]

Core Insights - Winnebago Industries reported revenue of $775.1 million for the quarter ended May 2025, reflecting a year-over-year decline of 1.4% and an EPS of $0.81 compared to $1.13 a year ago, with a slight revenue surprise of -0.03% against the Zacks Consensus Estimate [1] Financial Performance - The consensus EPS estimate was $0.79, resulting in an EPS surprise of +2.53% [1] - Winnebago's stock has returned -8.8% over the past month, underperforming the Zacks S&P 500 composite's +5.1% change, and currently holds a Zacks Rank 5 (Strong Sell) [3] Unit Deliveries and Revenue Breakdown - Total Motorhome RV unit deliveries were 1,431, exceeding the average estimate of 1,368 [4] - Total Towable RV unit deliveries were 9,495, below the average estimate of 10,218 [4] - Total Marine boat unit deliveries were 1,254, slightly below the average estimate of 1,303 [4] - Net Revenues for Motorhome RV were $291.20 million, surpassing the average estimate of $273.52 million but showing a -2.6% change year-over-year [4] - Net Revenues for Marine were $100.70 million, exceeding the average estimate of $97.21 million, with a +14.6% year-over-year change [4] - Net Revenues for Towable RV were $371.70 million, below the average estimate of $410.07 million, reflecting a -3.8% change year-over-year [4] Adjusted EBITDA Analysis - Adjusted EBITDA for Towable RV was $35.40 million, below the average estimate of $40.40 million [4] - Adjusted EBITDA for Marine was $11.60 million, exceeding the average estimate of $10.49 million [4] - Adjusted EBITDA for Motorhome RV was $3 million, significantly below the average estimate of $11.21 million [4]

Group 1: Earnings Performance - Winnebago Industries reported quarterly earnings of $0.81 per share, exceeding the Zacks Consensus Estimate of $0.79 per share, but down from $1.13 per share a year ago, indicating a decline in profitability [1] - The company achieved an earnings surprise of +2.53% for the quarter, while it met expectations in the previous quarter with earnings of $0.19 per share [1][2] - Over the last four quarters, Winnebago has surpassed consensus EPS estimates only once [2] Group 2: Revenue Analysis - Winnebago posted revenues of $775.1 million for the quarter ended May 2025, slightly missing the Zacks Consensus Estimate by 0.03%, and down from $786 million year-over-year [2] - The company has topped consensus revenue estimates just once over the last four quarters [2] Group 3: Stock Performance and Outlook - Winnebago shares have declined approximately 34.4% since the beginning of the year, contrasting with the S&P 500's gain of 3.6% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at $1.01 for the coming quarter and $1.73 for the current fiscal year [4][7] Group 4: Industry Context - The Building Products - Mobile Homes and RV Builders industry, to which Winnebago belongs, is currently ranked in the bottom 3% of over 250 Zacks industries, indicating a challenging environment [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Winnebago's stock performance [5]

Financial Performance - Winnebago Industries' F25 Q3 net revenues decreased by 1.4% compared to F24 Q3, reaching $775.1 million[35, 36] - Adjusted diluted EPS for F25 Q3 was $0.81, down from $1.10 in F24 Q3[35, 36] - Adjusted EBITDA for F25 Q3 was $46.5 million, a decrease from $58.0 million in F24 Q3[35, 36] - The company revised its FY25 net revenues guidance to $2.7 billion - $2.8 billion, compared to $2.97 billion in FY24[76] - The company revised its FY25 adjusted earnings per share guidance to $1.20 - $1.70, compared to $3.40 in FY24[76] Segment Results - Towable RV segment net revenues decreased by 3.8% to $371.7 million in F25 Q3[37, 39] - Towable RV segment adjusted EBITDA decreased by 15.7% to $35.4 million in F25 Q3[40, 41] - Motorhome RV segment net revenues decreased by 2.6% to $291.2 million in F25 Q3[46, 47] - Motorhome RV segment adjusted EBITDA decreased by 77.7% to $3.0 million in F25 Q3[48, 49] - Marine segment net revenues increased by 14.6% to $100.7 million in F25 Q3[57, 58] - Marine segment adjusted EBITDA increased by 37.0% to $11.6 million in F25 Q3[59, 60] Market Share and Industry Trends - North America RV industry retail sales decreased by 20% year-over-year through April 2025[14] - Winnebago Industries' North America RV market share was 10.8% in F25[22] - Barletta achieved the No 3 position in the U S Aluminum Pontoon Market with a 9.2% market share in F25[31]

Core Insights - Winnebago Industries reported a net revenue of $775.1 million for Q3 FY 2025, a decrease of 1.4% from $786.0 million in the same quarter last year, primarily due to a reduction in average selling price per unit and volume reductions in the Motorhome RV segment [5][8][9] - The company is focusing on affordability in its Towable RV segment by introducing competitively priced products, while the Marine segment has seen strong profitability growth driven by retail share gains [4][12] - Winnebago updated its fiscal 2025 full-year outlook, projecting net revenues between $2.7 billion and $2.8 billion, with reported earnings per diluted share expected to be between $0.50 and $1.00 [22][18] Financial Performance - Gross profit for Q3 FY 2025 was $106.0 million, down 10.3% from $118.2 million in the prior year, with a gross profit margin of 13.7% [6][8] - Selling, general and administrative expenses increased by 1.9% to $70.3 million, primarily due to investments in the new Grand Design motorhome business [7] - Net income for the quarter was $17.6 million, compared to $29.0 million in the same quarter last year, resulting in earnings per diluted share of $0.62, down from $0.96 [8][9] Segment Performance - In the Towable RV segment, net revenues decreased by 3.8% to $371.7 million, with an adjusted EBITDA margin of 9.5%, down from 10.9% [10][13] - The Motorhome RV segment saw a 2.6% decline in net revenues to $291.2 million, with adjusted EBITDA dropping 77.7% to $3.0 million [11][14] - The Marine segment experienced a 14.6% increase in net revenues to $100.7 million, with adjusted EBITDA rising 37.0% to $11.6 million [12][42] Balance Sheet and Cash Flow - As of May 31, 2025, the company had cash and cash equivalents of $10.5 million and total outstanding debt of $539.9 million [16] - Cash flow used in operations was $25.3 million for the third quarter [16] - The company declared a quarterly cash dividend of $0.34 per share, payable on June 25, 2025 [17] Outlook - Winnebago's management expressed confidence in the long-term potential of its brands and markets, despite near-term macroeconomic challenges [18] - A comprehensive margin recapture plan is being launched for the Winnebago motorhomes segment, focusing on product line refreshment and operational efficiency [18]

Winnebago Industries, Inc. WGO will release earnings results for the third quarter, before the opening bell on Wednesday, June 25.Analysts expect the Eden Prairie, Minnesota-based company to report quarterly earnings at 79 cents per share, down from $1.13 per share in the year-ago period. Winnebago projects to report quarterly revenue of $774.81 million, compared to $786 million a year earlier, according to data from Benzinga Pro.On June 5, Winnebago Industries issued third-quarter adjusted EPS guidance bel ...

Core Insights - Winnebago Industries (WGO) is expected to report quarterly earnings of $0.79 per share, reflecting a decline of 30.1% year-over-year, with revenues forecasted at $775.32 million, a decrease of 1.4% compared to the previous year [1] - The consensus EPS estimate has been revised downward by 31.6% in the last 30 days, indicating a significant reassessment by analysts [2] - Analysts emphasize the importance of earnings projection revisions as they are closely linked to short-term stock price performance [3] Revenue Projections - Analysts estimate 'Net Revenues- Motorhome RV' at $280.31 million, down 6.3% year-over-year [5] - 'Net Revenues- Marine' is projected to reach $97.21 million, an increase of 10.6% from the prior year [5] - 'Net Revenues- Corporate / All Other' is expected to be $14.03 million, reflecting a 9.6% increase year-over-year [5] - 'Net Revenues- Towable RV' is forecasted at $414.40 million, indicating a 7.3% increase from the previous year [6] Unit Deliveries - Total Motorhome RV unit deliveries are expected to be 1,414, down from 1,680 in the same quarter last year [6] - Total Towable RV unit deliveries are projected at 10,355, compared to 9,263 in the same quarter last year [6] - Marine boat unit deliveries are anticipated to reach 1,303, up from 1,127 in the same quarter last year [7] EBITDA Estimates - Adjusted EBITDA for Towable RV is expected to be $41.66 million, slightly down from $41.90 million year-over-year [7] - Adjusted EBITDA for Marine is projected at $10.78 million, up from $8.50 million in the previous year [7] - Adjusted EBITDA for Motorhome RV is forecasted to be $11.68 million, down from $13.40 million year-over-year [8] Stock Performance - Winnebago shares have decreased by 8.9% over the past month, contrasting with a 0.6% increase in the Zacks S&P 500 composite [8] - The company holds a Zacks Rank of 5 (Strong Sell), indicating expectations of underperformance relative to the overall market in the near future [8]