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].