Winnebago(US:WGO)2024-06-20 18:23Financial Performance - Revenue decreased by 13% compared to F23 Q3, primarily due to operational efficiency challenges[14, 21] - Gross margin decreased by 180 bps compared to F23 Q3, influenced by higher warranty expenses[32] - Adjusted EBITDA decreased by 50% and Adjusted EBITDA margin decreased by 270 bps compared to F23 Q3, due to lower unit sales and higher discounts[38] - Adjusted earnings per share decreased by 46.9% compared to F23 Q3[106] - The company returned more than $29 million to shareholders through share repurchases and dividends in Q3[6] Segment Results - Towable RV segment revenue decreased, and Adjusted EBITDA decreased by 22% with a 310 bps margin decrease compared to F23 Q3[48, 49] - Motorhome RV segment revenues increased by 1% compared to F23 Q3, but Adjusted EBITDA decreased by 32% with a 370 bps margin decrease[50, 56, 107] - Marine segment revenues decreased by 32% compared to F23 Q3, and Adjusted EBITDA decreased by 51% with a 370 bps margin decrease[56] Market Trends and Outlook - North America RV industry retail sales show varied changes vs the previous year, with some months experiencing declines of up to -46%[7] - Backlog decreased 35% vs F23 Q3 due to a cautious dealer network[37] - The company anticipates industry-wide CY 2024 wholesale RV shipments of 330,000 - 335,000 units[25] Market Share - Barletta continues to gain market share in the U S Aluminum Pontoon category, growing to double digits in the latest 3- and 6-month periods[23] - Motorhome RV segment market share reached 11.2% TTM and 8.6% T6M[29]