The Power of the Outdoors For many women, the outdoors is more than a destination—it's a path to well-being. Among those planning to increase their time outside in 2025, the top motivations are deeply personal: to stay active (56%), improve overall health (54%), reduce stress (52%), and boost mood (48%). These benefits resonate across generations, though each age group brings its own perspective. Baby Boomers are especially drawn to the physical health advantages, while younger generations—Gen Z and Millenn ...

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 Points - Winnebago Industries, Inc. plans to release its third quarter fiscal 2025 financial results on June 25, 2025, before the New York Stock Exchange opens [1] - A conference call will be held at 9:00 a.m. CT, hosted by the President and CEO Michael Happe and Senior Vice President and CFO Bryan Hughes [1] Company Overview - Winnebago Industries is a leading North American manufacturer of outdoor lifestyle products, including motorhomes, travel trailers, and powerboats, under various brands such as Winnebago, Grand Design, and Chris-Craft [3] - The company is committed to sustainable innovation and vertical integration in key component areas, with multiple facilities located in Iowa, Indiana, Minnesota, and Florida [3] - Winnebago Industries' common stock is traded on the New York Stock Exchange under the symbol WGO [3]

Winnebago Industries (WGO) 2025 Conference Summary Company Overview - Winnebago Industries is a premium branded manufacturer in the outdoor recreation space, with three RV brands: Winnebago, Grand Design RV, and Newmar, and two marine brands: Barletta Boats and Chris Craft [3][4] Key Messages from Q3 Results 1. **Market Softness**: There is a noticeable softness in the outdoor recreation market since early April, affecting consumer demand and dealer inventory levels [6][7] 2. **Profitability Challenges**: The Winnebago branded motorhome business is disproportionately impacting overall profitability due to product vitality and operational challenges [7][8] 3. **Optimism for Other Brands**: Despite struggles in the Winnebago motorhome segment, other brands like Grand Design Towables and Newmar are performing well and gaining market share [10][11] Industry Insights - The RV industry is experiencing a slower-than-expected recovery, with retail results not meeting prior expectations for 2025 [15][16] - Wholesale unit volumes have increased, but retail sales have lagged, leading to a restocking phase [15][16] - The RV Industry Association forecasts around 337,000 units for the year, with expectations for softer shipments in the latter half of 2025 [17] Market Share and Competitive Landscape - Winnebago is focused on regaining market share, particularly in the travel trailer segment, where Grand Design is stabilizing and gaining traction [21][22] - The company is facing fierce competition in the lower-priced travel trailer market but is seeing positive momentum in higher-end segments [22][23] - Barletta Boats is now a significant player in the aluminum pontoon market, chasing down competitors [24][25] Margin and Profitability - Winnebago is currently facing margin pressures, particularly in the motorized segment, due to product quality issues and competitive pricing pressures [26][27] - The company aims to improve margins by addressing warranty expenses and enhancing product quality [30][31] Production Footprint - Winnebago's production is strategically located in Iowa and Indiana, benefiting from proximity to suppliers and a skilled labor pool [32][33] Financial Management - The company has prioritized debt management, retiring approximately $160 million in debt recently, while aiming to improve its net leverage ratio [34][36][37] Tariff and Trade Policy - Winnebago is actively managing tariff impacts through cost-sharing discussions with suppliers and potential supply chain adjustments [40][41] - The company is advocating for incentives to support U.S. manufacturing amidst a dynamic trade policy environment [46][47] Future Vision - Winnebago aims to position itself as a premium brand in the outdoor recreation space, focusing on quality, innovation, and customer service [54][55] - The company is exploring inorganic growth opportunities to enhance its portfolio, particularly in electrification and portable power solutions [56][57] Conclusion - Winnebago Industries is navigating a challenging market environment with a focus on improving profitability, regaining market share, and positioning itself for future growth in the outdoor recreation sector [58][59]

Core Viewpoint - Winnebago Industries anticipates lower net revenues and earnings for the third quarter of fiscal 2025 due to macroeconomic uncertainties affecting consumer sentiment and dealer networks [2][3] Financial Performance - Estimated net revenues for the third quarter of fiscal 2025 are approximately $775 million [2] - Reported earnings per diluted share are expected to be in the range of $0.55 to $0.65, while adjusted diluted earnings per share are projected to be between $0.75 and $0.85 [2] Market Conditions - The selling season began positively in March but faced challenges in the last two months of the fiscal third quarter due to growing macroeconomic uncertainty [3] - The Winnebago Motorhomes business unit is experiencing the most significant market pressures, leading to expectations of lower net revenue than previously anticipated [3] Strategic Actions - The company is implementing inventory management strategies to align production with market demand and dealer needs [3] - Significant steps have been taken to lower field inventory, improve working capital, and adjust production schedules [3] - Cost reduction and profitability improvement strategies are being initiated for fiscal 2025, including modifying production schedules and adjusting headcount [3] Business Transformation - The ongoing transformation of the Winnebago Motorhomes unit aims to enhance agility and long-term success [3] - Grand Design Towables is showing market share progress in the travel trailer segment, with strong demand for new motorhome products [3] - Newmar's Class A diesel market share has exceeded 30%, and the expanded product lineup is expected to contribute positively to future performance [3] Upcoming Events - Winnebago Industries will participate in the Baird 2025 Global Consumer Technology & Services Conference on June 5, 2025 [4] - The company plans to report its third quarter fiscal 2025 financial results on June 25, 2025, followed by a conference call [5]

Core Insights - THOR Industries announced a strategic partnership between Jayco and Tiffin Motorhomes to transition the production of Class A diesel motorhomes for the Entegra Coach brand from Jayco to Tiffin [1][4] - This partnership aims to enhance production capacity for Jayco while maintaining the quality expected by Entegra customers [1][2] Group 1: Company Strategy - The integration of Entegra Coach into Tiffin is intended to optimize production capabilities across THOR's family of companies, particularly as the Class A diesel market evolves [3] - Tiffin's expertise in high-end craftsmanship and customer-first design aligns with the standards expected by Entegra Coach customers [2][3] Group 2: Production and Services - Jayco will continue to produce Model Year 2026 Entegra Coach diesel Class A motorhomes until the end of 2025, including models like Cornerstone, Anthem, Aspire, and Reatta [4] - Tiffin will begin manufacturing successor products in 2026, incorporating select Entegra Coach product names and design elements into its Model Year 2027 Class A lineup, which will be marketed exclusively as Tiffin products [4] - All Entegra Coach Class C, Class B, and gas Class A motorhomes will still be produced, serviced, and warrantied by Jayco [5]

Core Insights - Winnebago Industries has partnered with Leave No Trace to promote environmental stewardship in outdoor activities, specifically targeting RV and boating communities [1][2][4] - The partnership aims to adapt the 7 Principles of Leave No Trace into guidelines tailored for RVers and boaters, encouraging responsible recreation [3][4] Company Overview - Winnebago Industries is a leading manufacturer of outdoor lifestyle products, including motorhomes, travel trailers, and powerboats, with a commitment to sustainable innovation [6] - The company operates multiple facilities across Iowa, Indiana, Minnesota, and Florida, and is publicly traded on the New York Stock Exchange under the symbol WGO [6] Partnership Details - The collaboration with Leave No Trace focuses on educating outdoor enthusiasts on minimizing their environmental impact while enjoying recreational activities [2][4] - The guidelines include practical advice such as planning ahead, disposing of waste properly, and respecting wildlife [5] Leave No Trace Overview - Leave No Trace is a nonprofit organization dedicated to promoting sustainable outdoor practices through education and research [7] - The organization reaches millions of people annually in the U.S. to foster a sustainable future for the outdoors [7]

Core Insights - Winnebago Industries has partnered with Leave No Trace to promote environmental stewardship in outdoor activities, specifically targeting RV and boating communities [1][2] - The partnership aims to adapt the 7 Principles of Leave No Trace into guidelines tailored for RVers and boaters, enhancing responsible recreation practices [3][4] Company Overview - Winnebago Industries is a leading manufacturer of outdoor lifestyle products, including motorhomes, travel trailers, and powerboats, with a commitment to sustainable innovation [7] - The company operates multiple facilities across Iowa, Indiana, Minnesota, and Florida, and is publicly traded on the New York Stock Exchange under the symbol WGO [7] Partnership Details - The collaboration with Leave No Trace focuses on educating outdoor enthusiasts on minimizing their environmental impact while enjoying recreational activities [2][4] - The guidelines include practical advice such as planning ahead, disposing of waste properly, and respecting wildlife [5] Environmental Commitment - Leave No Trace is an international nonprofit organization dedicated to promoting sustainable outdoor practices through education and research [8] - The partnership reflects a shared commitment to preserving outdoor spaces and empowering communities to engage in responsible recreation [4][8]