Winnebago Industries Q4 Profit Declines, Revenues Down 34.6%; Stock Plunges

(RTTNews) - Winnebago Industries, Inc. (WGO) reported fourth quarter net income of $43.8 million, a decrease of 47.0% compared to $82.6 million, a year ago. Reported earnings per share was $1.28, compared to $2.61. Adjusted earnings per share was $1.59, a decrease of 47.4% compared to $3.02. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.35, for the quarter. Analysts' estimates typically exclude special items.

Revenues were $771.0 million, a decrease of 34.6% prior year, driven by lower unit sales related to current market conditions and dealer efforts to reduce inventories, and higher discounts and allowances compared to prior year, partially offset by carryover price increases. Analysts on average had estimated $784.33 million in revenue.

On August 16, 2023, the company's Board approved a quarterly cash dividend of $0.31 per share payable on September 27, 2023, to common stockholders of record at the close of business on September 13, 2023. This represents a 15%, or $0.04 per share, increase from the previous quarter.

Shares of Winnebago Industries are down 4% in pre-market trade on Wednesday.

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