EDEN PRAIRIE, Minn., April 03, 2024 (GLOBE NEWSWIRE) -- Winnebago Industries (NYSE:WGO), a leading outdoor recreation product manufacturer, has been named by Newsweek to its 2024 Most Trustworthy Companies in America list. The respected ranking focuses on a holistic view of trust that considers three pillars: customer trust, employee trust, and investor trust. Newsweek's Most Trustworthy Companies list recognizes the top 700 companies in the United States, with a revenue of over $500 million, spanning 23 in ...

Winnebago Industries, Inc. (NYSE:WGO) Q2 2024 Earnings Call Transcript March 21, 2024 10:00 AM ET Company Participants Ray Posadas - VP of IR and Market Intelligence Michael Happe - President and CEO Bryan Hughes - SVP and CFO Conference Call Participants Scott Stember - Roth-MKM Tristan Thomas-Martin - BMO Capital markets Craig Kennison - Baird James Hardiman - Citi Bret Jordan - Jefferies Fred Wightman - Wolfe Research Michael Swartz - Truist Securities Joe Altobello - Raymond James Brandon Rolle - DA Dav ...

PART I. FINANCIAL INFORMATION [Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Consolidated financial statements for the period ended February 24, 2024, show significant declines in revenues, profitability, and operating cash flow [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q2 FY2024 saw a net loss and H1 net income declined significantly due to decreased revenues and a note repurchase loss Consolidated Income Statement Highlights (YoY) | Financial Metric (in millions, except EPS) | Three Months Ended Feb 24, 2024 | Three Months Ended Feb 25, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Net Revenues | $703.6 | $866.7 | -18.8% | | Gross Profit | $105.3 | $146.8 | -28.3% | | Operating Income | $35.4 | $76.8 | -53.8% | | Net (Loss) Income | $(12.7) | $52.8 | NM | | Diluted (Loss) Earnings Per Share | $(0.43) | $1.52 | NM | | Financial Metric (in millions, except EPS) | Six Months Ended Feb 24, 2024 | Six Months Ended Feb 25, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Net Revenues | $1,466.6 | $1,818.9 | -19.4% | | Gross Profit | $221.1 | $307.2 | -28.0% | | Operating Income | $74.5 | $162.7 | -54.2% | | Net Income | $13.1 | $113.0 | -88.4% | | Diluted Earnings Per Share | $0.44 | $3.25 | -86.5% | - A loss on note repurchase of **$32.7 million** was recorded in the second quarter of fiscal 2024, significantly impacting pre-tax and net income[7](index=7&type=chunk) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of February 24, 2024, total assets remained stable, while liabilities increased, reducing shareholders' equity Key Balance Sheet Items (in millions) | Balance Sheet Item | Feb 24, 2024 (Unaudited) | Aug 26, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $265.7 | $309.9 | | Inventories, net | $465.8 | $470.6 | | Total current assets | $1,002.2 | $996.7 | | Total assets | $2,433.9 | $2,432.4 | | Long-term debt, net | $694.8 | $592.4 | | Total liabilities | $1,109.3 | $1,064.3 | | Total shareholders' equity | $1,324.6 | $1,368.1 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly decreased for the six months ended February 24, 2024, primarily due to lower net income Cash Flow Summary (Six Months Ended, in millions) | Cash Flow Activity | Feb 24, 2024 | Feb 25, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $3.8 | $16.8 | | Net cash used in investing activities | $(25.5) | $(48.6) | | Net cash used in financing activities | $(22.5) | $(21.1) | | Net decrease in cash and cash equivalents | $(44.2) | $(52.9) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail segment performance, debt refinancing, and revenue disaggregation, highlighting declines across all segments and a note repurchase loss - The company's reportable segments are Towable RV, Motorhome RV, and Marine, with Corporate / All Other including specialty vehicles and the Lithionics battery business[28](index=28&type=chunk)[29](index=29&type=chunk) - In January 2024, the company issued **$350.0 million** of **3.25% Convertible Notes due 2030** and repurchased **$240.7 million** of its 2025 Convertible Notes, incurring a **$32.7 million** loss on the repurchase[59](index=59&type=chunk)[77](index=77&type=chunk) - The effective tax rate for Q2 FY2024 was **(126.1)%**, compared to **24.3%** in Q2 FY2023, primarily due to the non-deductible loss on the note repurchase[94](index=94&type=chunk) - The total contingent liability under dealer repurchase agreements increased to approximately **$2.04 billion** at February 24, 2024, from **$1.82 billion** at August 26, 2023[86](index=86&type=chunk) [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) Management attributes financial performance decline to challenging macroeconomic conditions impacting all segments, while maintaining strong liquidity [Overview and Known Trends](index=25&type=section&id=Overview%20and%20Known%20Trends) The company's business faces challenges from macroeconomic factors like inflation and high interest rates, impacting consumer spending and dealer inventory - Business is challenged by macroeconomic conditions (inflation, high interest rates) impacting consumer spending and dealer inventory management[103](index=103&type=chunk) - These trends resulted in decreased sales from lower unit volumes in the first six months of Fiscal 2024[103](index=103&type=chunk) - Management believes in the long-term health of consumer demand for RV and marine products despite current economic uncertainty[104](index=104&type=chunk) [Results of Operations - Q2 FY2024 vs Q2 FY2023](index=26&type=section&id=Results%20of%20Operations%20-%20Q2%20FY2024%20vs%20Q2%20FY2023) Q2 FY2024 saw consolidated net revenues decrease **18.8%**, gross profit margin contract, and a net loss due to a significant note repurchase loss Consolidated Performance Summary - Q2 FY2024 (in millions) | Metric | Q2 FY2024 | Q2 FY2023 | % Change | | :--- | :--- | :--- | :--- | | Net revenues | $703.6 | $866.7 | (18.8)% | | Gross profit | $105.3 | $146.8 | (28.3)% | | Operating income | $35.4 | $76.8 | (53.8)% | | Net (loss) income | $(12.7) | $52.8 | NM | | Adjusted EBITDA | $49.8 | $88.4 | (43.7)% | [Results of Operations - H1 FY2024 vs H1 FY2023](index=29&type=section&id=Results%20of%20Operations%20-%20H1%20FY2024%20vs%20H1%20FY2023) H1 FY2024 net revenues fell **19.4%**, gross profit margin decreased, and net income plummeted **88.4%** due to lower sales and the note repurchase loss Consolidated Performance Summary - H1 FY2024 (in millions) | Metric | H1 FY2024 | H1 FY2023 | % Change | | :--- | :--- | :--- | :--- | | Net revenues | $1,466.6 | $1,818.9 | (19.4)% | | Gross profit | $221.1 | $307.2 | (28.0)% | | Operating income | $74.5 | $162.7 | (54.2)% | | Net income | $13.1 | $113.0 | (88.4)% | | Adjusted EBITDA | $103.9 | $185.4 | (44.0)% | [Reportable Segment Performance](index=27&type=section&id=Reportable%20Segment%20Performance) All segments reported significant declines in revenue and profitability for Q2 and H1 FY2024, driven by lower unit deliveries and pricing pressures Q2 FY2024 Segment Performance (YoY, in millions) | Segment | Net Revenues | % Change | Adjusted EBITDA | % Change | | :--- | :--- | :--- | :--- | :--- | | Towable RV | $284.7 | (16.9)% | $26.8 | (31.8)% | | Motorhome RV | $338.4 | (16.2)% | $26.0 | (38.9)% | | Marine | $69.8 | (38.2)% | $4.4 | (69.7)% | H1 FY2024 Segment Performance (YoY, in millions) | Segment | Net Revenues | % Change | Adjusted EBITDA | % Change | | :--- | :--- | :--- | :--- | :--- | | Towable RV | $615.5 | (10.8)% | $59.9 | (20.8)% | | Motorhome RV | $672.8 | (22.5)% | $47.3 | (49.0)% | | Marine | $157.1 | (35.7)% | $11.6 | (64.8)% | Backlog as of Feb 24, 2024 (YoY) | Segment | Backlog Units | % Change | Backlog Dollars (M) | % Change | | :--- | :--- | :--- | :--- | :--- | | Towable RV | 5,273 | (9.7)% | $222.3 | (20.1)% | | Motorhome RV | 2,582 | (51.7)% | $452.2 | (48.2)% | | Marine | 1,194 | (52.4)% | $102.9 | (56.9)% | [Analysis of Financial Condition, Liquidity, and Resources](index=33&type=section&id=Analysis%20of%20Financial%20Condition,%20Liquidity,%20and%20Resources) The company maintains a solid liquidity position with cash and an undrawn ABL Credit Facility, while continuing share repurchases and dividends - As of Feb 24, 2024, the company had **$265.7 million** in cash and cash equivalents and a fully available **$350.0 million** ABL Credit Facility[142](index=142&type=chunk)[143](index=143&type=chunk) - In H1 FY2024, the company repurchased approximately **671,000 shares** for **$40.0 million**, with **$260.0 million** remaining available under the current share repurchase authorization[147](index=147&type=chunk) - On March 13, 2024, the Board of Directors approved a quarterly cash dividend of **$0.31 per share**[148](index=148&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rates, which is minimal as its ABL Credit Facility was undrawn - The ABL Credit Facility is the company's only floating-rate debt instrument and was undrawn as of February 24, 2024, minimizing interest rate risk[155](index=155&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of February 24, 2024, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[156](index=156&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[157](index=157&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings incidental to its business, not expected to have a material adverse effect - The company is involved in ordinary and routine litigation incidental to the business, which is not expected to have a material adverse effect[89](index=89&type=chunk)[159](index=159&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred to the risk factors previously disclosed in the Annual Report on Form 10-K - No material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended August 26, 2023[160](index=160&type=chunk) [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) The company did not repurchase shares under its publicly announced program in Q2 FY2024, with **$260.0 million** remaining available Share Repurchase Activity - Q2 FY2024 | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | Remaining Authorization (millions) | | :--- | :--- | :--- | :--- | :--- | | 11/26/23 - 12/30/23 | 0 | $— | 0 | $260.0 | | 12/31/23 - 1/27/24 | 0 | $— | 0 | $260.0 | | 1/28/24 - 2/24/24 | 239 | $66.40 | 0 | $260.0 | - The **239 shares** repurchased were from employees to satisfy tax obligations on vested shares and were not part of the publicly announced program[161](index=161&type=chunk) [Other Information](index=37&type=section&id=Item%205.%20Other%20Information) On March 18, 2024, the company amended its ABL Credit Facility to modify springing maturity provisions for its 2025 Convertible Notes - On March 18, 2024, the company amended its ABL Credit Facility to modify the springing maturity provisions related to its 2025 Convertible Notes[163](index=163&type=chunk) - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter[162](index=162&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and the credit agreement amendment

Financial Performance - Q2 Fiscal 2024 - Revenue decreased by 17% to $703.6 million compared to Q2 Fiscal 2023's $866.7 million[28] - Adjusted EBITDA decreased to $49.8 million, compared to $88.4 million in Q2 Fiscal 2023[28] - Adjusted diluted EPS decreased by 50.5% to $0.93, compared to $1.88 in Q2 Fiscal 2023[28, 45] Segment Performance - **Motorhome RV Segment:** Revenue decreased by 19% to $278.2 million, and Adjusted EBITDA decreased by 32%[46] - **Towable RV Segment:** Revenue decreased by 16% to $338.4 million, and Adjusted EBITDA decreased by 39%[49] - **Marine Segment:** Revenue decreased by 38% to $102.9 million, and Adjusted EBITDA decreased by 70%[66] Market Trends and Outlook - North America RV industry wholesale shipments ended CY 2023 down by 36.5% to 313,174 units[33] - RVIA expects RV shipments to increase to a mid-range estimate of 350,000 units for CY 2024[18] Financial Position and Capital Allocation - The company has cash and cash equivalents of $266 million[67] - The company has a net debt leverage ratio of 1.6x[67, 87] Future Targets - The company targets mid-cycle net revenue of $4.5-5.0 billion, a 51% increase from the current $3.1 billion[69] - The company targets mid-cycle Adjusted EBITDA margin of 11.0-11.5%, a 255 bps increase from the current 8.7%[69, 71] - The company targets mid-cycle free cash flow of $325-375 million, a 56% increase from the current $225 million[73, 88]

For the quarter ended February 2024, Winnebago Industries (WGO) reported revenue of $703.6 million, down 18.8% over the same period last year. EPS came in at $0.93, compared to $1.88 in the year-ago quarter.The reported revenue represents a surprise of +1.58% over the Zacks Consensus Estimate of $692.63 million. With the consensus EPS estimate being $0.86, the EPS surprise was +8.14%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to W ...

Winnebago Industries (WGO) came out with quarterly earnings of $0.93 per share, beating the Zacks Consensus Estimate of $0.86 per share. This compares to earnings of $1.88 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.14%. A quarter ago, it was expected that this recreational vehicle maker would post earnings of $1.20 per share when it actually produced earnings of $1.06, delivering a surprise of -11.67%.Over the last four ...

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Winnebago's Q2 FY2024 revenues decreased 18.8% to **$703.6 million**, reporting a **$12.7 million** net loss due to market softness and refinancing | Metric | Value | | :--- | :--- | | Revenues | $703.6 million | | Gross Profit | $105.3 million | | Gross Margin | 15.0% | | Net Loss | $12.7 million ($0.43 per share) | | Adjusted Diluted EPS | $0.93 | | Adjusted EBITDA | $49.8 million | | Adjusted EBITDA Margin | 7.1% | - The company's performance was in line with expectations, navigating market softness and constrained wholesale shipments as dealers managed inventory in a high interest rate environment[5](index=5&type=chunk) - Barletta, the company's pontoon boat brand, increased its U.S. aluminum pontoon market share to **7.9%**, up **80 basis points** year-over-year[3](index=3&type=chunk) - The company successfully completed a **$350 million** offering of convertible senior notes to refinance its 2025 maturities, enhancing financial flexibility[3](index=3&type=chunk)[16](index=16&type=chunk) [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) Q2 FY2024 consolidated revenues decreased 18.8% to **$703.6 million**, resulting in a **$12.7 million** net loss due to lower sales and a note repurchase charge | Metric | Q2 FY2024 | Q2 FY2023 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $703.6M | $866.7M | -18.8% | | Gross Profit | $105.3M | $146.8M | -28.3% | | Gross Margin | 15.0% | 16.9% | -190 bps | | Operating Income | $35.4M | $76.8M | -53.8% | | Net (Loss) Income | ($12.7M) | $52.8M | N/A | | Adjusted Diluted EPS | $0.93 | $1.88 | -50.5% | | Adjusted EBITDA | $49.8M | $88.4M | -43.7% | - The decline in gross profit margin was attributed to deleverage and higher warranty experience compared to the prior year[6](index=6&type=chunk) - Selling, general, and administrative (SG&A) expenses decreased by **3.0%** to **$64.2 million**, mainly due to lower incentive-based compensation[7](index=7&type=chunk) - The reported net loss of **$12.7 million** included a significant pre-tax charge of **$32.7 million** (**$1.12 per share**) related to the loss on repurchase of 2025 convertible senior notes[9](index=9&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) All segments experienced revenue declines and Adjusted EBITDA margin contraction, with Marine seeing the steepest drop amid challenging market conditions [Towable RV Segment](index=2&type=section&id=Towable%20RV%20Segment) Towable RV revenue decreased **16.9% to $284.7 million** due to lower volume and price reductions, with Adjusted EBITDA margin contracting to **9.4%** | Metric | Q2 FY2024 | Q2 FY2023 | % Change | | :--- | :--- | :--- | :--- | | Net Revenues | $284.7M | $342.5M | -16.9% | | Adjusted EBITDA | $26.8M | $39.3M | -31.8% | | Adjusted EBITDA Margin | 9.4% | 11.5% | -210 bps | | Backlog | $222.3M | $278.2M | -20.1% | - The revenue decline was driven by lower unit volume due to market conditions and a reduction in average selling price (ASP) from product mix and price reductions[13](index=13&type=chunk) [Motorhome RV Segment](index=3&type=section&id=Motorhome%20RV%20Segment) Motorhome RV revenue declined **16.2% to $338.4 million**, with Adjusted EBITDA margin compressing to **7.7%** due to volume, discounts, and operational challenges | Metric | Q2 FY2024 | Q2 FY2023 | % Change | | :--- | :--- | :--- | :--- | | Net Revenues | $338.4M | $403.8M | -16.2% | | Adjusted EBITDA | $26.0M | $42.5M | -38.9% | | Adjusted EBITDA Margin | 7.7% | 10.5% | -280 bps | | Backlog | $452.2M | $872.7M | -48.2% | - The decline in Adjusted EBITDA margin was primarily due to deleverage, higher warranty experience, increased discounts, and operational efficiency challenges[16](index=16&type=chunk) [Marine Segment](index=3&type=section&id=Marine%20Segment) Marine segment revenue plummeted **38.2% to $69.8 million**, with Adjusted EBITDA margin contracting to **6.3%** due to sharp volume decline and higher discounts | Metric | Q2 FY2024 | Q2 FY2023 | % Change | | :--- | :--- | :--- | :--- | | Net Revenues | $69.8M | $112.9M | -38.2% | | Adjusted EBITDA | $4.4M | $14.4M | -69.7% | | Adjusted EBITDA Margin | 6.3% | 12.8% | -650 bps | | Backlog | $102.9M | $238.5M | -56.9% | - The decrease in revenue was primarily driven by a decline in unit volume related to market conditions, unfavorable product mix, and higher discounts and allowances[17](index=17&type=chunk) [Balance Sheet and Cash Flow](index=3&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) Winnebago reported **$694.8 million** in total outstanding debt and **$25.2 million** in Q2 operating cash flow, successfully refinancing 2025 convertible notes | Metric | As of Feb 24, 2024 | | :--- | :--- | | Total Outstanding Debt | $694.8M (net) | | Working Capital | $649.0M | | Q2 Cash Flow from Operations | $25.2M | - The company successfully refinanced its 2025 convertible senior notes with a new **$350 million** offering, underscoring its strong operating performance and credit profile[16](index=16&type=chunk) [Business Outlook](index=4&type=section&id=Business%20Outlook) Winnebago introduced mid-cycle organic growth targets, projecting long-term growth and market share gains based on normalizing RV inventory and consumer interest | Mid-Cycle Organic Growth Target | Value | | :--- | :--- | | Net Revenues | $4.5B - $5.0B | | Gross Margin | 18.0% - 18.5% | | Adjusted EBITDA Margin | 11.0% - 11.5% | | Free Cash Flow | $325M - $375M | | North American RV Market Share | > 13% | | U.S. Aluminum Pontoon Market Share | 13% | | Organic Non-RV Revenue Mix | 15% - 20% | - The financial targets are based on market assumptions of North American RV retail volume between **425,000-450,000 units** and U.S. aluminum pontoon retail volume between **60,000-63,000 units**[18](index=18&type=chunk) - Management is encouraged by data indicating that RV inventory levels are returning to an equilibrium stage entering the second half of fiscal 2024[19](index=19&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) Detailed financial statements show a Q2 net loss from lower revenues and a note repurchase charge, with stable assets and a net cash decrease from operations and financing [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 FY2024 reported a net loss of **$12.7 million** on **$703.6 million** revenue, primarily due to a **$32.7 million** loss on note repurchase | (in millions) | Three Months Ended Feb 24, 2024 | Three Months Ended Feb 25, 2023 | | :--- | :--- | :--- | | Net Revenues | $703.6 | $866.7 | | Gross Profit | $105.3 | $146.8 | | Operating Income | $35.4 | $76.8 | | Loss on note repurchase | $32.7 | $0.0 | | Net (Loss) Income | $(12.7) | $52.8 | | Diluted (Loss) EPS | $(0.43) | $1.52 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of Feb 24, 2024, total assets were **$2.43 billion**, with cash at **$265.7 million** and long-term debt, net, increasing to **$694.8 million** from refinancing | (in millions) | Feb 24, 2024 | Aug 26, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $265.7 | $309.9 | | Total current assets | $1,002.2 | $996.7 | | Total assets | $2,433.9 | $2,432.4 | | **Liabilities & Equity** | | | | Total current liabilities | $353.2 | $396.0 | | Long-term debt, net | $694.8 | $592.4 | | Total liabilities | $1,109.3 | $1,064.3 | | Total shareholders' equity | $1,324.6 | $1,368.1 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Six-month operating cash flow was **$3.8 million**, with **$25.5 million** used in investing and **$22.5 million** in financing, resulting in a **$44.2 million** net cash decrease | (in millions) | Six Months Ended Feb 24, 2024 | Six Months Ended Feb 25, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $3.8 | $16.8 | | Net cash used in investing activities | $(25.5) | $(48.6) | | Net cash used in financing activities | $(22.5) | $(21.1) | | Net decrease in cash and cash equivalents | $(44.2) | $(52.9) | | Cash and cash equivalents at end of period | $265.7 | $229.3 | [Non-GAAP Reconciliation](index=14&type=section&id=Non-GAAP%20Reconciliation) Non-GAAP measures, including Adjusted Diluted EPS of **$0.93** and Adjusted EBITDA of **$49.8 million**, reflect core operating performance by excluding non-recurring items Reconciliation (in millions) | Reconciliation (in millions) | Three Months Ended Feb 24, 2024 | | :--- | :--- | | Net (loss) income | $(12.7) | | Interest, Taxes, D&A | $26.6 | | EBITDA | $13.9 | | Loss on note repurchase | $32.7 | | Other adjustments | $3.2 | | **Adjusted EBITDA** | **$49.8** | Reconciliation (per share) | Reconciliation (per share) | Three Months Ended Feb 24, 2024 | | :--- | :--- | | Diluted (loss) earnings per share | $(0.43) | | Loss on note repurchase | $1.12 | | Amortization | $0.19 | | Other adjustments | $0.12 | | Tax impact of adjustments | $(0.07) | | **Adjusted diluted earnings per share** | **$0.93** | - Management uses non-GAAP measures like Adjusted EBITDA to evaluate financial performance, measure operational profitability, and assess performance relative to competitors[48](index=48&type=chunk)[49](index=49&type=chunk)

Winnebago (WGO) is slated to release second-quarter fiscal 2024 results on Mar 21, before market open. The Zacks Consensus Estimate for Winnebago’s fiscal second-quarter earnings per share and revenues is pegged at 91 cents and $710.11 million, respectively.For the fiscal second quarter, the consensus estimate for WGO’s earnings per share has decreased 10 cents in the past 60 days. Its bottom-line estimates imply a decline of 51.6% from the year-ago reported number.The Zacks Consensus Estimate for Winnebago ...

In its upcoming report, Winnebago Industries (WGO) is predicted by Wall Street analysts to post quarterly earnings of $0.91 per share, reflecting a decline of 51.6% compared to the same period last year. Revenues are forecasted to be $710.11 million, representing a year-over-year decrease of 18.1%.The consensus EPS estimate for the quarter has undergone a downward revision of 0.7% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed th ...

Winnebago Industries (WGO) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended February 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on March 21, 2024, might help the stock move higher if these key numbers are better ...