Winnebago Industries (NYSE:WGO) delivered weaker-than-expected financial results for its fiscal third quarter of 2025, underscoring the ongoing strain the recreational vehicle market is facing amid broader economic uncertainty. Following the report, the company’s shares dipped slightly by 0.03% in premarket trading Wednesday.
The RV manufacturer posted adjusted earnings of $0.81 per share, missing Wall Street’s consensus estimate of $0.90. Revenue came in at $775.1 million, just shy of analysts’ forecasts and representing a 1.4% year-over-year decline from $786 million during the same quarter last year.
CEO Michael Happe noted the mixed performance across business lines and pointed to ongoing macroeconomic pressures.
“Our third-quarter performance highlights the complexity of today’s operating environment and the varied dynamics across our product segments,” Happe said.
Segment Highlights: Towables and Motorhomes Dip, Marine Gains
In the Towable RV category, Winnebago reported a 3.8% drop in revenue year-over-year to $371.7 million, with the decline attributed largely to increased consumer interest in lower-cost models. Notably, unit shipments rose 2.5%, reaching 9,495 units, suggesting resilience in volume despite pricing shifts.
The Motorhome RV segment faced more pronounced headwinds, with revenue falling 2.6% to $291.2 million. Unit deliveries dropped 14.8%, totaling 1,431 units, reflecting softer demand in the higher-priced category.
Meanwhile, Winnebago’s Marine division emerged as a bright spot. The segment grew revenue 14.6% year-over-year to $100.7 million, supported by an 11.3% increase in boat deliveries to 1,254 units.
Lowered Outlook for Full Year
Reflecting the near-term challenges, Winnebago revised its full-year guidance downward. The company now expects adjusted earnings per share between $1.20 and $1.70, below the previous analyst consensus of $1.80. Projected revenue for fiscal 2025 is now in the range of $2.7 billion to $2.8 billion.
Despite the muted forecast, Happe expressed long-term optimism:
“We continue to believe in the enduring strength of our brands and the growth opportunities ahead, even as we navigate through a softer economic cycle.”