Winnebago(WGO)2025-03-27 12:03Financial Performance - Net revenues for Q2 FY 2025 were $620.2 million, a decrease of 11.8% from $703.6 million in the same quarter last year[5] - Gross profit was $83.1 million, representing a gross margin of 13.4%, down from 21.1% year-over-year[6] - Adjusted EBITDA decreased by 54.2% to $22.8 million, with an adjusted EBITDA margin of 3.7%[9] - The Motorhome RV segment saw net revenues decline by 30.4% to $235.6 million, with adjusted EBITDA down 79.8%[12] - The Marine segment reported a 17.1% increase in net revenues to $81.7 million, with adjusted EBITDA rising 75.7%[12] - Net revenues for the three months ended March 1, 2025, were $620.2 million, a decrease of 11.8% from $703.6 million for the same period in 2024[26] - Gross profit for the six months ended March 1, 2025, was $159.9 million, representing a gross margin of 12.8%, down from 15.1% in the prior year[26] - Operating income for the three months ended March 1, 2025, was $7.8 million, significantly lower than $35.4 million for the same period in 2024, reflecting a decline in operating margin from 5.0% to 1.3%[26] - The company reported a net loss of $5.6 million for the six months ended March 1, 2025, compared to a net income of $13.1 million in the same period last year[31] - For the six months ended March 1, 2025, net revenues were $672.8 million, a decrease of $165.4 million or 24.6% compared to $507.3 million in the prior year[37] - Adjusted EBITDA for the six months ended March 1, 2025, was $1.6 million, or 0.2% of revenues, down from $47.3 million or 7.0% of revenues, a decline of 83.2%[37] Market Position - Barletta's market share in the U.S. aluminum pontoon market increased to 9.5%, up 140 basis points year-over-year[4] Expenses and Liabilities - Selling, general and administrative expenses rose by 8.6% to $69.7 million, driven by performance-based compensation and investments in growth[7] - Total current liabilities decreased to $373.8 million as of March 1, 2025, from $404.7 million as of August 31, 2024[28] - The company incurred interest expense of $12.6 million for the six months ended March 1, 2025, compared to $9.4 million in the prior year[31] Cash and Assets - Total assets decreased to $2,194.0 million as of March 1, 2025, down from $2,384.2 million as of August 31, 2024[28] - Cash and cash equivalents decreased to $115.5 million at the end of the reporting period, down from $330.9 million at the beginning[31] Unit Deliveries - Unit deliveries for Towable RVs increased by 7.1% to 7,225 units in the three months ended March 1, 2025, compared to 6,747 units in the same period last year[34] - Total unit deliveries for motorhome RVs decreased to 1,144 units, down 667 units or 36.8% from 1,811 units in the same quarter last year[37] - Total unit deliveries for boats in the marine segment increased to 1,046 units, up 184 units or 21.3% from 862 units in the same quarter last year[38] - Dealer inventory for motorhome RVs decreased to 3,784 units, down 1,060 units or 21.9% from 4,844 units in the prior year[37] Future Outlook - The updated fiscal 2025 outlook projects sales between $2.8 billion and $3.0 billion, with adjusted earnings per share guidance of $2.75 to $3.75[14] - The company aims to achieve over $100 million in revenue from the new Lineage Class Super C motorhome in fiscal 2025[3] Earnings Per Share - Adjusted diluted earnings per share for the three months ended March 1, 2025, was $0.19, compared to $0.93 for the same period in 2024[41]