Winnebago Industries Reports Second-Quarter Fiscal 2025 Results

Winnebago Industries reported its second-quarter fiscal 2025 results, citing increased profitability across all segments despite a decline in net revenues. 

The company, a manufacturer of outdoor lifestyle products, also highlighted its continued market share gains in the RV and marine sectors.

For the quarter ending March 1, Winnebago Industries posted net revenues of $620.2 million, an 11.8% decrease from $703.6 million in the same period last year. 

The decline was attributed to a shift in product mix that lowered the average selling price per unit, partially offset by targeted price increases. Gross profit stood at $83.1 million, representing a 13.4% margin, down from 15% in the previous year.

According to a press release, President and Chief Executive Officer Michael Happe stated that the company remains focused on strategic product differentiation and affordability to sustain market presence. 

“Winnebago Industries continues to demonstrate solid performance in our strategic markets, leveraging product differentiation and sharper affordability options to maintain healthy market share in our core premium and mid-range RV segments,” Happe said.

The company also reported an adjusted earnings per diluted share of $0.19, a decline from $0.93 in the prior year’s second quarter. Consolidated adjusted EBITDA was $22.8 million, down 54.2% from the previous year’s $49.8 million. 

Winnebago’s marine segment, led by its Barletta brand, showed positive momentum, increasing its U.S. aluminum pontoon market share to 9.5%, a rise of 140 basis points year-over-year. 

“For the 12-month period ended February 28, 2025, Barletta achieved a market share of 9.5%, an improvement of 140 basis points over the prior-year period and placing Barletta as the number three player in aluminum pontoons,” Happe said.

Winnebago also continued to expand its RV brand portfolio, launching the Grand Design Class C Lineage Series M. 

“Our most recent example of this is the introduction of Grand Design’s Class C Lineage Series M, which has been enthusiastically received in the marketplace and highlights the demand for the brand’s innovative motorized RVs,” Happe said.

During the quarter, the company completed a $100 million cash tender offer to repurchase 6.25% senior secured notes due in 2028. 

Additionally, $20 million of company stock was repurchased, part of a broader capital allocation strategy to enhance shareholder value while maintaining financial flexibility. 

“Reducing our higher-cost debt and returning value to shareholders, while continuing to focus on internal investments, underscores our commitment to executing a diverse capital allocation strategy and delivering resiliency through the cycle,” Happe said.