Winnebago Industries reported its third-quarter revenues for 2023 decreased 38.2% from $1.5 billion for the third quarter of 2022 to $900.8 million.
The lower revenue resulted from lower RV sales as well as higher consumer allowances and discounts. The discounts were offset by increased RV prices, the report said.
During the quarter, the company acquired Lithionics Battery.
President and CEO Michael Happe said: “In the midst of challenging market conditions, our team continues to successfully navigate a dynamic environment with a dual focus on taking care of our customers and operating the business with discipline, resulting in ongoing value for our shareholders. Top-line declines in our RV segments were offset by robust profitability in towable RVs and continued growth in our marine businesses.”
Towable RV revenues declined 52.3% to $384.1 million from $805.6 million in the third quarter of 2022.
Motorhome revenues were $374.4 million for the third quarter, down 27.5% from the third quarter of 2022. This was primarily driven by a decline in unit volume and higher discounts and allowances compared with the prior year, partially offset by price increases related to higher chassis costs.
“We will continue to actively manage production levels across our business to match dealer appetite for our brands, ongoing seasonal retail conditions and our market share aspirations,” Happe said. “We are closely tracking and adjusting to market conditions, with a focus on maintaining solid profitability, market competitiveness, and a preferred lot position for our premium brands with our channel partners.”
