Winnebago Industries reported fiscal fourth-quarter and full-year financial results Wednesday, showing the RV manufacturer turned a profit despite the industry-wide slowdown.
President and CEO Mike Happe said the fourth quarter was a “stubborn” retail environment Winnebago was able to manage. He said new towable RVs are among the company’s bright spots leading into 2024.
“We are particularly excited about our latest product releases, especially those introductions in our Towable RV segment—the Winnebago brand Access and M-class, along with the Grand Design Reflection 100 and Influence models,” Happe said. “These offerings exemplify the type of innovative new features that our discerning customers have grown accustomed to from our premium brands, while also addressing important concerns around affordability.”
Happe said the company expects to remain under pressure through the first half of fiscal 2024, which runs through the end of February.
“We expect the continued pressure of current retail market dynamics, coupled with dealer selectiveness to take on additional inventory amidst retail challenges, through the first half of the fiscal year,” he said. “However, we anticipate that as inventory levels further normalize and consumer demand stabilizes, dealers will exhibit a growing willingness to rebuild inventories and bring in additional models as we enter the back half of fiscal 2024.”
Winnebago reported full-year 2023 revenue of $3.5 billion, down 29.6% from a year earlier. Profits totaled $215.9 million, down 44.7% from 2022.
In the fiscal fourth quarter, revenue totaled $771 million, down 34.6% from the fourth quarter of 2022. Profits totaled $43.8 million, down 47% from the fourth quarter of 2022.
Towable RV revenue totaled $1.4 billion in fiscal 2023, down 45.5% from the previous year. Fourth-quarter revenue totaled $341.4 million, down 30.9% from the previous year.
In the motorized segment, full-year revenue fell 18.4% to $1.6 billion. Fourth-quarter revenue fell 42.8% from the fourth quarter of 2022 to $317.7 million.
Happe singled out one acquisition Winnebago made as bolstering the company’s capabilities.
“A significant highlight of fiscal 2023 was completing the acquisition of Lithionics Battery, which has bolstered our onboard battery solutions offering, energized our electrical supply ecosystem and positioned Winnebago Industries as a leader in electrification,” Happe said. “Our continued focus on strategically investing in our business, new products and innovation reflects the confidence we have in our ability to drive growth and expand market share by providing our customers with more diverse and exciting options.”
