Revenue was down for the fourth quarter — and for the year — for Winnebago Industries.
The Eden Prairie, Minnesota-based outdoor lifestyle products manufacturer has a recreational vehicle factory in Forest City, and reports net revenue for the fourth quarter of the fiscal year was just over $645 million , compared to $777 million in the fourth quarter of last year.
Net revenue for the fiscal year was $2.7 billion dollars, compared to $2.8 billion a year ago.
Winnebago CEO Michael Happe says the results were in line with expectations.
Happe says, “We maintained disciplined production and wholesale shipment levels, and while there are pockets of softness, dealer inventory quality remained broadly within acceptable ranges.” Happe says the company’s priority for the next fiscal year is to boost the core of selling more RVs and boats in North America.
“Our strategic intent is centered on three pillars: strengthening and growing our core RV and marine businesses; building a more meaningful aftermarket business around the customer journey; and selectively expanding into strategic mobility markets where our capabilities give us the right to win,” Happe says. “Together, these pillars are designed to create more durable growth and a more resilient earnings profile over time.”
Happe says while the company believes the future is bright, they won’t rely on an economic recovery happening in the near future.
“We feel very good in the earnings potential embedded in our existing RV and boat portfolio, when industry demand eventually recovers, but our strategy cannot depend on the timing or magnitude of that recovery,” he says. “We are aggressively strengthening the core today, while investing in aftermarket and strategic mobility opportunities designed to create more durable growth, stronger margins, and a more resilient earnings profile over time.”
The earnings report comes after the company announced earlier this year that it will close its motorhome production facility in Lake Mills and relocate production to the Forest City campus, as well as the relocation of Winnebago’s towable RV unit to Grand Design’s Middlebury, Indiana campus, moves that Happe says will stabilize operations throughout the company.
“These collective actions are designed to improve facility utilization, simplify operations, and increase the efficiency and flexibility of our manufacturing network,” Happe says. “Our focus now is on executing these transitions well with the financial benefits expected to build over time as implementation progresses and operations stabilize.”
Winnebago informed state officials earlier this month that they plan to cut more than 50 jobs from the Forest City plant by November 9th. That comes after the company closed manufacturing facilities in Charles City and Waverly in 2025, impacting about 120 employees, and the announcement earlier this year that it’s moving RV production from Lake Mills to the Forest City facility.
Besides manufacturing RVs under the Winnebago brand name, the company’s portfolio also includes the Grand Design and Newmar RV brands, Barletta pontoon boats, and Chris-Craft powerboats.
