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Winnebago (WGO) Q3 Earnings Top Estimates, Revenues Miss
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Winnebago (WGO - Free Report) delivered adjusted earnings of $2.13 per share for third-quarter fiscal 2023 (ended May 27, 2023), which topped the Zacks Consensus Estimate of $1.74 on higher-than-expected EBITDA across Towable and Marine segments. However, the bottom line fell by 48.4% year over year. The recreational vehicle (RV) maker reported revenues of $900.8 million in the quarter under review, missing the Zacks Consensus Estimate of $951 million. The top line also fell by 38.2% year over year.
Segmental Performance
Revenues in the Towable RV segment in the reported quarter fell 52.3% year over year to $384.1 million, primarily led by a decline in unit volume. The Zacks Consensus Estimate for the same was $384.69 million. Total deliveries from the segment came in at 8,715 units, decreasing 50.7% year over year but beating the consensus metric of 7,262 units. Adjusted EBITDA declined 54.3% to $53.8 million, reflecting higher discount and allowance and deleverage. The figure came ahead of the consensus mark of $32.09 million. The segment’s backlog was $236 million (5,297 units), decreasing 82%.
In the reported quarter, revenues in the Motorhome RV segment slid 27.5% year over year to $374.4 million due to a decline in unit volume. The top line also missed the consensus mark of $444.36 million. The total deliveries from the segment came at 2,131 units, down 33.4% year over year and missing the consensus metric of 2,547 units. The segment recorded an adjusted EBITDA of $26.8 million, down 58.3% and also lagging the consensus mark of $39.31 million. The backlog was $800.4 million (4,595 units), down 65% from the prior year.
In the reported quarter, revenues in the Marine segment were $129 million, increasing 1.9% year over year, primarily driven by carryover price increases. The metric also outpaced the consensus mark of $121.65 million. The total deliveries from the segment came at 1,586 units, down 4.2% year over year but outpacing the consensus metric of 1,549 units. The segment recorded an adjusted EBITDA of $17.3 million, down 12.5% year over year but exceeding the consensus metric of $12.12 million. The backlog for the Marine segment was $146.3 million (1,348 units), down 40.4%.
Financials
Winnebago had cash and cash equivalents of $225.9 million as of May 27, 2023. Long-term debt (excluding current maturities) increased to $591.7 million from $545.9 million, recorded on Aug 27, 2022. The company approved a dividend of 27 cents per share, to be paid on Jun 28, 2023, to shareholders of record at the close of business on Jun 14, 2023. The company bought back $20 million in shares during the quarter under review.
Some top-ranked players in the auto space are Allison Transmission Holdings, Inc. (ALSN - Free Report) , Li Auto Inc. (LI - Free Report) and Wabash National (WNC - Free Report) , each sporting a Zacks Rank #1.
Allison is a manufacturer of fully automatic transmissions for medium and heavy-duty commercial and heavy-tactical U.S. defense vehicles. The Zacks Consensus Estimates for ALSN’s 2023 sales and earnings imply year-over-year growth of 7.5% and 19.5%, respectively.
Li Auto designs, develops, manufactures, and sells premium smart electric SUVs. The Zacks Consensus Estimates for LI’s 2023 sales and earnings indicate year-over-year growth of 131% and 2,400%, respectively.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings indicates year-over-year growth of 12% and 90.7%, respectively.
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Winnebago (WGO) Q3 Earnings Top Estimates, Revenues Miss
Winnebago (WGO - Free Report) delivered adjusted earnings of $2.13 per share for third-quarter fiscal 2023 (ended May 27, 2023), which topped the Zacks Consensus Estimate of $1.74 on higher-than-expected EBITDA across Towable and Marine segments. However, the bottom line fell by 48.4% year over year. The recreational vehicle (RV) maker reported revenues of $900.8 million in the quarter under review, missing the Zacks Consensus Estimate of $951 million. The top line also fell by 38.2% year over year.
Segmental Performance
Revenues in the Towable RV segment in the reported quarter fell 52.3% year over year to $384.1 million, primarily led by a decline in unit volume. The Zacks Consensus Estimate for the same was $384.69 million. Total deliveries from the segment came in at 8,715 units, decreasing 50.7% year over year but beating the consensus metric of 7,262 units. Adjusted EBITDA declined 54.3% to $53.8 million, reflecting higher discount and allowance and deleverage. The figure came ahead of the consensus mark of $32.09 million. The segment’s backlog was $236 million (5,297 units), decreasing 82%.
In the reported quarter, revenues in the Motorhome RV segment slid 27.5% year over year to $374.4 million due to a decline in unit volume. The top line also missed the consensus mark of $444.36 million. The total deliveries from the segment came at 2,131 units, down 33.4% year over year and missing the consensus metric of 2,547 units. The segment recorded an adjusted EBITDA of $26.8 million, down 58.3% and also lagging the consensus mark of $39.31 million. The backlog was $800.4 million (4,595 units), down 65% from the prior year.
In the reported quarter, revenues in the Marine segment were $129 million, increasing 1.9% year over year, primarily driven by carryover price increases. The metric also outpaced the consensus mark of $121.65 million. The total deliveries from the segment came at 1,586 units, down 4.2% year over year but outpacing the consensus metric of 1,549 units. The segment recorded an adjusted EBITDA of $17.3 million, down 12.5% year over year but exceeding the consensus metric of $12.12 million. The backlog for the Marine segment was $146.3 million (1,348 units), down 40.4%.
Financials
Winnebago had cash and cash equivalents of $225.9 million as of May 27, 2023. Long-term debt (excluding current maturities) increased to $591.7 million from $545.9 million, recorded on Aug 27, 2022. The company approved a dividend of 27 cents per share, to be paid on Jun 28, 2023, to shareholders of record at the close of business on Jun 14, 2023. The company bought back $20 million in shares during the quarter under review.
Zacks Rank & Key Picks
WGO currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Some top-ranked players in the auto space are Allison Transmission Holdings, Inc. (ALSN - Free Report) , Li Auto Inc. (LI - Free Report) and Wabash National (WNC - Free Report) , each sporting a Zacks Rank #1.
Allison is a manufacturer of fully automatic transmissions for medium and heavy-duty commercial and heavy-tactical U.S. defense vehicles. The Zacks Consensus Estimates for ALSN’s 2023 sales and earnings imply year-over-year growth of 7.5% and 19.5%, respectively.
Li Auto designs, develops, manufactures, and sells premium smart electric SUVs. The Zacks Consensus Estimates for LI’s 2023 sales and earnings indicate year-over-year growth of 131% and 2,400%, respectively.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings indicates year-over-year growth of 12% and 90.7%, respectively.