Core Viewpoint - Winnebago Industries reported a significant reduction in adjusted EPS guidance and net revenue guidance for FY2025, highlighting operational inefficiencies in the Motorhome segment while noting improvements in Marine and selective growth in other segments [1][10]. Inventory Discipline - The company aims for a long-term operational standard of two times inventory turn, aligning with dealer goals and industry best practices, and is willing to sacrifice short-term market share for channel health [3][4]. - This disciplined approach may increase near-term financial pressure but is expected to enhance dealer partnerships and improve supply-demand dynamics when demand recovers [4]. Tariff Risk - Recent U.S. tariff policy escalations have a direct impact on imported RV and marine components, with a forecasted unmitigated tariff risk of $0.50–$0.75 to diluted EPS for FY2026 [5][6]. - The company is monitoring costs with suppliers and may implement price increases to offset short-term effects, but persistent tariff exposure could depress profitability if mitigation tactics are insufficient [6]. Segment Performance - The Marine segment achieved a 15% net revenue increase and over 11% unit growth in Q3 FY2025, with Barletta capturing 9.2% of the U.S. aluminum pontoon market [7]. - Newmar's Class A diesel market share exceeded 33%, and dealer inventory for the brand has significantly decreased since 2019, contributing to the company's risk diversification [7][9]. Future Outlook - Full-year adjusted EPS guidance for FY2025 has been lowered to $1.20–$1.70, with consolidated revenue guidance set at $2.7 billion–$2.8 billion due to dealer destocking and weak RV retail demand [10]. - The company targets margin recapture in the Motorhome segment for FY2026 and aims to reduce net leverage, with a current net-debt-to-EBITDA ratio of 4.8 times [10].

Financial Data and Key Metrics Changes - Net revenues declined modestly in Q3, primarily due to a shift in product mix as the new lower ASP Grand Design Transcend series travel trailers outpaced the broader portfolio in terms of units sold [23] - Gross margin decreased by 130 basis points year over year, attributed to higher warranty experience and product mix, partially offset by operational efficiencies [24] - Adjusted EBITDA margin declined by 140 basis points year over year, primarily due to the lower gross margin [24] Business Line Data and Key Metrics Changes - In the Towable RV segment, lower net revenues were largely due to a shift in product mix, with a 2.5% increase in segment unit volume [24] - Motorhome RV results showed a decline in net revenues due to lower unit volume related to market conditions, with total motorhome RV volume down 14.8% compared to the prior year [26] - Marine segment net revenues increased by 15%, driven primarily by higher unit volume and targeted price increases, with unit volume up more than 11% year over year [27] Market Data and Key Metrics Changes - North America RV retail sales declined by 8.2% in April, marking the third consecutive month of retail sales dropping by more than 8% [15] - Wholesale RV shipments increased by 3.4% in April, with towable RVs led by conventional travel trailers rising 4.2% compared to the same month last year [16] - The company lowered its industry forecast for wholesale RV shipments to a range of 315,000 to 335,000 units for calendar year 2025 [18] Company Strategy and Development Direction - The company is focused on executing a comprehensive margin recapture plan centered on refreshing the product line, boosting operational efficiency, and rebuilding sustained profitability beginning in fiscal 2026 [10] - Strategic actions include conducting a capacity utilization analysis, reviewing the manufacturing footprint, and evolving the supply chain in light of expected tariff cost pressure [11] - The company aims to enhance long-term competitiveness and enterprise resilience through disciplined resource allocation and operational efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management noted that growing macroeconomic uncertainty has led to a notable downshift in RV activity, which is expected to continue through the remainder of the calendar year [9] - The company anticipates that the inflection point for recovery in the RV market may not occur as hoped, leading to a tempered outlook for the remainder of calendar year 2025 [50] - Management expressed confidence in the resilience of the brands and the long-term potential of the end markets, driven by the growing appeal of the outdoor lifestyle [35] Other Important Information - The company has been recognized by Newsweek as one of America's most trustworthy companies for the second consecutive year [14] - The company is taking a comprehensive approach to minimize the effects of tariffs, with anticipated modest price increases to offset net remaining exposure of tariffs for fiscal 2025 [30][31] - Free cash flow was negative $81.7 million for the nine-month period, driven primarily by operational inefficiencies and strategic investments [28] Q&A Session Summary Question: Steps being taken to address the Winnebago branded motorhome business - Management discussed significant production reductions to avoid pushing units to the field with high sales allowances, focusing on improving working capital and cash flow [38][39] Question: Profitability decline in the motorized business - Management indicated that the decline is related to deleverage and necessary discounting to push products into the market [44] Question: Outlook for the back half of calendar 2025 - Management refrained from providing specific guidance for calendar year 2026 but acknowledged that the market recovery is not occurring as hoped [50] Question: Impact of tariffs on pricing - Management explained that the anticipated tariff-related costs could lead to price adjustments, with a potential net risk of $0.50 to $0.75 of diluted earnings per share for fiscal 2026 [32][54] Question: Inventory management and turns - Management confirmed that they are targeting a two-turn ratio in the long term, although they do not expect to achieve that by the end of fiscal 2025 [88][92] Question: Performance of Newmar brand - Management highlighted Newmar's strong retail share and profitability, attributing success to a robust product line and effective dealer inventory management [100][102]

Financial Data and Key Metrics Changes - Net revenues declined modestly in Q3, primarily due to a shift in product mix as the new lower ASP Grand Design Transcend series travel trailers outpaced the broader portfolio in terms of units sold [23] - Gross margin decreased by 130 basis points year over year, attributed to higher warranty experience and product mix, partially offset by operational efficiencies [24] - Adjusted EBITDA margin declined by 140 basis points year over year, primarily due to the lower gross margin [24] Business Line Data and Key Metrics Changes - In the Towable RV segment, lower net revenues were largely due to a shift in product mix with the addition of new Grand Design travel trailers, leading to a 2.5% increase in segment unit volume [24] - Motorhome RV net revenues decreased due to lower unit volume related to current market conditions, with total motorhome RV volume declining by 14.8% compared to the prior year [26] - The Marine segment saw a 15% increase in net revenues driven by higher unit volume and targeted price increases, with unit volume up more than 11% year over year [27] Market Data and Key Metrics Changes - North American RV retail sales declined by 8.2% in April, marking the third consecutive month of retail sales dropping by more than 8% [15] - Wholesale RV shipments increased by 3.4% in April, with towable RVs leading the rise [16] - The company lowered its industry forecast for wholesale RV shipments to a range of 315,000 to 335,000 units for calendar year 2025 [17] Company Strategy and Development Direction - The company is focused on executing a comprehensive margin recapture plan centered on refreshing the product line, boosting operational efficiency, and rebuilding sustained profitability beginning in fiscal 2026 [10] - Strategic actions include conducting a capacity utilization analysis, reviewing the manufacturing footprint, and evolving the supply chain in light of expected tariff cost pressure [11] - The company aims to enhance long-term competitiveness and enterprise resilience through disciplined resource allocation and operational efficiency [11] Management Comments on Operating Environment and Future Outlook - Management acknowledged growing macroeconomic uncertainty leading to a downshift in RV activity, which is expected to continue through the remainder of the calendar year [8] - The company remains confident in the resilience of its brands and the long-term potential of its end markets, driven by the growing appeal of the outdoor lifestyle [35] - Management indicated that the second half of fiscal 2025 will see significantly lower net revenues in the Winnebago Motorhome branded business due to market pressures [34] Other Important Information - The company has been recognized by Newsweek as one of America's most trustworthy companies for the second consecutive year [14] - The company is focused on deleveraging its balance sheet while continuing to make targeted growth investments [28] - Free cash flow was negative $81.7 million for the nine-month period, driven primarily by operational inefficiencies [29] Q&A Session Summary Question: Steps to improve the Winnebago branded motorhome business - Management discussed significant production reductions to avoid pushing units to the field with high sales allowances, focusing on improving working capital and cash flow [38][39] Question: Profitability decline in the motorized business - Management indicated that the decline is due to deleverage and necessary discounting to move products in a competitive market [44][45] Question: Outlook for the back half of calendar 2025 - Management refrained from commenting on 2026 but acknowledged that the anticipated recovery in 2025 does not appear to be happening [50] Question: Impact of tariffs on pricing - Management explained that the potential net risk of tariffs could impact diluted earnings per share by $0.50 to $0.75 for fiscal 2026, with ongoing efforts to mitigate these costs [32][54] Question: Strategies from Newmar that could be applied to Winnebago - Management highlighted Newmar's strong product line and effective dealer inventory management as key factors in its success, which could inform strategies for Winnebago [100][102]

Core Insights - Winnebago Industries reported revenue of $775.1 million for the quarter ended May 2025, reflecting a year-over-year decline of 1.4% and an EPS of $0.81 compared to $1.13 a year ago, with a slight revenue surprise of -0.03% against the Zacks Consensus Estimate [1] Financial Performance - The consensus EPS estimate was $0.79, resulting in an EPS surprise of +2.53% [1] - Winnebago's stock has returned -8.8% over the past month, underperforming the Zacks S&P 500 composite's +5.1% change, and currently holds a Zacks Rank 5 (Strong Sell) [3] Unit Deliveries and Revenue Breakdown - Total Motorhome RV unit deliveries were 1,431, exceeding the average estimate of 1,368 [4] - Total Towable RV unit deliveries were 9,495, below the average estimate of 10,218 [4] - Total Marine boat unit deliveries were 1,254, slightly below the average estimate of 1,303 [4] - Net Revenues for Motorhome RV were $291.20 million, surpassing the average estimate of $273.52 million but showing a -2.6% change year-over-year [4] - Net Revenues for Marine were $100.70 million, exceeding the average estimate of $97.21 million, with a +14.6% year-over-year change [4] - Net Revenues for Towable RV were $371.70 million, below the average estimate of $410.07 million, reflecting a -3.8% change year-over-year [4] Adjusted EBITDA Analysis - Adjusted EBITDA for Towable RV was $35.40 million, below the average estimate of $40.40 million [4] - Adjusted EBITDA for Marine was $11.60 million, exceeding the average estimate of $10.49 million [4] - Adjusted EBITDA for Motorhome RV was $3 million, significantly below the average estimate of $11.21 million [4]

Fiscal 2025 Third Quarter Earnings Presentation June 25, 2025 Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , including the business outlook and financial guidance for Fiscal 2025. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, in ...

Winnebago Industries, Inc. WGO will release earnings results for the third quarter, before the opening bell on Wednesday, June 25.Analysts expect the Eden Prairie, Minnesota-based company to report quarterly earnings at 79 cents per share, down from $1.13 per share in the year-ago period. Winnebago projects to report quarterly revenue of $774.81 million, compared to $786 million a year earlier, according to data from Benzinga Pro.On June 5, Winnebago Industries issued third-quarter adjusted EPS guidance bel ...

Core Viewpoint - Lazydays Holdings, Inc. has entered into a definitive agreement to sell its Tulsa, Oklahoma location to Ron Hoover RV & Marine, which is expected to enhance Lazydays' operational efficiency and improve its financial position by increasing cash reserves and enabling debt repayment [1][2]. Company Overview - Lazydays has been a significant player in the RV industry since 1976, known for exceptional RV sales, service, and ownership experiences, fostering long-term relationships with customers [3]. - The company offers a wide selection of RV brands, state-of-the-art service facilities, and a comprehensive range of accessories, positioning itself as a leading destination for RV enthusiasts [4]. - Lazydays is publicly traded on the Nasdaq stock exchange under the ticker "GORV" [5]. Ron Hoover RV & Marine Overview - Ron Hoover RV & Marine has been serving customers since 1987 and is recognized as Texas's leading provider of RVs, boats, and outdoor equipment, emphasizing integrity and exceptional customer service [5]. - The company operates multiple locations across Texas and Oklahoma, offering a wide selection of top brands and expert service [5].

Core Points - THOR Industries, Inc. has re-authorized a share repurchase program allowing the company to buy back up to $400 million of its common stock, with the authorization set to expire on July 31, 2027 [1][2] - Since initiating its buyback program in December 2021, THOR has repurchased over 3.5 million shares, demonstrating its ability to generate cash even in a challenging RV market [2] - The company has resumed stock repurchases, acquiring over 340,000 shares since June 6, 2025, and plans to continue buying back shares as long as the market price does not reflect its long-term value [2] Company Overview - THOR Industries is the largest manufacturer of recreational vehicles globally, owning several operating companies [3]

Core Insights - Winnebago Industries (WGO) is expected to report quarterly earnings of $0.79 per share, reflecting a decline of 30.1% year-over-year, with revenues forecasted at $775.32 million, a decrease of 1.4% compared to the previous year [1] - The consensus EPS estimate has been revised downward by 31.6% in the last 30 days, indicating a significant reassessment by analysts [2] - Analysts emphasize the importance of earnings projection revisions as they are closely linked to short-term stock price performance [3] Revenue Projections - Analysts estimate 'Net Revenues- Motorhome RV' at $280.31 million, down 6.3% year-over-year [5] - 'Net Revenues- Marine' is projected to reach $97.21 million, an increase of 10.6% from the prior year [5] - 'Net Revenues- Corporate / All Other' is expected to be $14.03 million, reflecting a 9.6% increase year-over-year [5] - 'Net Revenues- Towable RV' is forecasted at $414.40 million, indicating a 7.3% increase from the previous year [6] Unit Deliveries - Total Motorhome RV unit deliveries are expected to be 1,414, down from 1,680 in the same quarter last year [6] - Total Towable RV unit deliveries are projected at 10,355, compared to 9,263 in the same quarter last year [6] - Marine boat unit deliveries are anticipated to reach 1,303, up from 1,127 in the same quarter last year [7] EBITDA Estimates - Adjusted EBITDA for Towable RV is expected to be $41.66 million, slightly down from $41.90 million year-over-year [7] - Adjusted EBITDA for Marine is projected at $10.78 million, up from $8.50 million in the previous year [7] - Adjusted EBITDA for Motorhome RV is forecasted to be $11.68 million, down from $13.40 million year-over-year [8] Stock Performance - Winnebago shares have decreased by 8.9% over the past month, contrasting with a 0.6% increase in the Zacks S&P 500 composite [8] - The company holds a Zacks Rank of 5 (Strong Sell), indicating expectations of underperformance relative to the overall market in the near future [8]

Core Insights - Lazydays Holdings, Inc. has executed transactions to generate $14 million in liquidity and reduce non-floorplan indebtedness by $15 million, enhancing its financial stability [1][2] - The company aims to strengthen its balance sheet, improve operational performance, and strategically divest non-core assets [1][2] Financial Transactions - The transactions involve retaining approximately $14 million from divestitures of non-core dealerships and associated real estate, while repaying about $15 million in non-floorplan indebtedness, bringing the total non-floorplan indebtedness down to approximately $44 million [2][7] - This reduction in debt is expected to meaningfully lower interest expenses for the company [2] Divestiture Details - Recent divestitures include: - Dealership in Mesa, AZ, closed on May 30, 2025 - Dealership and related real estate in Fort Pierce, FL, closed on June 6, 2025 - Dealership in Longmont, CO, closed on June 13, 2025 - Dealership and related real estate in Las Vegas, NV, expected to close later this week [7] Management Commentary - The CEO of Lazydays expressed satisfaction with the agreements reached with lenders, highlighting the enhanced liquidity position and flexibility to advance the company's turnaround strategy [2]