Latest news with #RV
Globe and Mail
2 days ago
- Automotive
- Globe and Mail
LiTime Unveils World's First Smart 'Talking LiFePO4 Battery' T5.0 for RV and Marine Use
The first smart lithium battery system in the RV and marine industries to feature an open, protocol-compatible communication ecosystem. LiTime, a global pioneer in energy innovation, has launched its fifth-generation T5.0 technology platform alongside compatible products. The breakthrough solution supports both CAN and RS485 communication protocols, enables OTA updates, and delivers native integration with leading RV and marine energy systems. By dismantling traditional battery data silos, T5.0 establishes intelligent power hubs — propelling LiTime into the era of smart, connected energy. As the global shift to off-grid living and electric mobility accelerates, lithium batteries are evolving into connected control centers. A 2024 Statista report projects that the smart RV market alone will reach $42.3 billion by 2027, with connectivity emerging as a key purchase driver. LiTime T5.0 is a strategic response to this growing trend—designed to meet the increasing demands of RV and marine users for real-time data access, precision insights, operational transparency, remote control capabilities, and seamless integration with smart external systems. Forging Industry Partnerships to Redefine Lithium Battery Capabilities Within the smart energy landscape, leading inverter manufacturers like SMA, Fronius, Victron, Enphase Energy, SolarEdge, Sungrow, and Growatt have set high benchmarks for power conversion. LiTime, committed to advancing lithium battery innovation, bridges the gap with its T5.0 platform. By embracing an open protocol architecture, T5.0 enables seamless integration between LiTime battery systems and advanced power converters. This pivotal advancement transforms LiTime's RV and marine batteries into intelligent nodes within the broader smart energy ecosystem — enabling significantly more efficient and intelligent energy management. LiTime's T5.0 Tech Revolution: From Silent to Speaking Batteries Through five rapid iterations, LiTime has evolved from a hardware-focused battery manufacturer into a full-stack smart energy provider. Each generation solved key user pain points: T1.0: High-efficiency lithium alternatives to replace short-lived lead-acid batteries. T2.0: Precision software control and real-time current sampling. T3.0: First-in-class Bluetooth control via mobile app. T4.0: Internal system networking and external data displays. T5.0: Breakthrough in external communication — enabling intelligent control and data exchange between lithium batteries and external devices like inverters and MPPT controllers via CAN and RS485 protocols. The LiTime Tech Evolution Milestone What Makes T5.0 a Game-Changer? 1. The Industry's First Universal Open-Protocol Platform for RV and Marine Applications Built-in support for a wide range of mainstream energy systems and extendable to RV-C and NMEA2000 protocols. OTA firmware updates and custom protocol configuration. Out-of-the-box compatibility with over 90% of market devices. 2. Next-Level Data Intelligence Continuously tracks 26 critical battery metrics in real time—delivering five times the detail of conventional batteries. Cloud-based access to historical data and predictive discharge alerts to help prevent outages. Introducing the T5.0 Series: Smart Batteries That Can Speak and Link all Remotely Designed for cross-platform communication, the T5.0 battery system supports both CAN and RS485 protocols and is available in two versions—Entry and Advanced. The Advanced lineup includes: LiTime's Groundbreaking New Product Coming Soon These models support both closed-loop integration with LiTime's proprietary hardware and open collaboration with third-party brands. Entry-Level Seamless OTA updates and customizable cross-brand protocol support Smart charging based on SOC and temperature regulation Real-time monitoring of voltage, temperature, current, and protection status Low-battery alerts to prevent sudden shutdowns or incorrect operation Compatible with LiTime's 48V inverter-charger; supports parallel expansion up to 16 units Advanced-Level Building on the Entry-Level Edition's foundation, the Advanced-Level Edition introduces three key upgrades: Supports third-party RV-C and NMEA2000 protocols for centralized control via RV or marine display panels, with seamless coordination across multiple onboard systems. Comprehensive data visibility: voltage, current, power, individual cell voltages, max/min battery temperature, module count, and detailed protection diagnostics. Global remote access with account-based data queries and full historical tracking. Future Vision: Building an Intelligent Energy Control Hub T5.0 is not only a technological leap but also the starting point of LiTime's smart ecosystem strategy. The company plans to continuously iterate toward T6.0, T7.0，and beyond, aiming to incorporate AI-powered predictive analysis and edge-computing adaptive control. The ultimate goal: to empower global users to build safer, smarter, and more efficient green energy systems. 'From our first generation of protection-focused batteries to today's intelligent, fully integrated systems, LiTime has remained committed to its core mission — Powering Outdoor Adventures for Generations,' said LiTime's founder."This is more than just technology — it's continuity. When a grandparent's RV runs on our T5.0-powered battery, their grandchild can monitor and protect that journey from anywhere in the world.' About LiTime LiTime is a premium brand specializing in LiFePO4 battery technologies. Focused on safety, intelligence, and sustainability, the company serves a global user base across RV, marine, solar, and off-grid applications. With strong R&D capabilities, rigorous production standards, and top-tier service, LiTime is trusted by both professionals and adventurer to power tomorrow's clean energy journeys. Media Contact Company Name: Shenzhen LiTime Technology Co., Ltd Contact Person: Shafee Chang Email: Send Email Country: China Website:
Yahoo
3 days ago
- Business
- Yahoo
Winnebago Industries Inc (WGO) Q3 2025 Earnings Call Highlights: Navigating Market Challenges ...
Net Revenues: Declined modestly due to product mix, with lower ASP Grand Design Transcend series travel trailers outpacing broader portfolio. Gross Margin: Declined 130 basis points year-over-year, primarily due to higher warranty experience and product mix. Adjusted EBITDA Margin: Decreased 140 basis points year-over-year, mainly due to lower gross margin. Towable RV Segment Unit Volume: Increased 2.5% due to new Grand Design travel trailers. Motorhome RV Segment Net Revenues: Decreased due to lower unit volume, partially offset by product mix. Motorhome RV Segment Volume: Declined 14.8% year-over-year. Marine Segment Net Revenues: Increased 15% driven by higher unit volume and targeted price increases. Marine Segment Unit Volume: Increased over 11% year-over-year. Free Cash Flow: Negative $81.7 million for the nine-month period. Net Debt-to-EBITDA Ratio: 4.8 times at the end of Q3. Shareholder Returns: Nearly $80 million returned, including $50 million in share repurchases and $29.3 million in dividends. Fiscal 2025 Adjusted EPS Guidance: Reduced to a range of $1.20 to $1.70 per diluted share. Fiscal 2025 Revenue Forecast: Adjusted to a range of $2.7 billion to $2.8 billion. Warning! GuruFocus has detected 4 Warning Signs with WGO. Release Date: June 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Winnebago Industries Inc (NYSE:WGO) has introduced new products, such as the Newmar Freedom Aire and the Grand Design VT Class B van, which are expected to drive future growth. The company has been recognized by Newsweek as one of America's most trustworthy companies for the second consecutive year, highlighting its strong corporate responsibility initiatives. Winnebago Industries Inc (NYSE:WGO) has taken decisive steps to lower field inventory and improve working capital, aligning production schedules with market demand. The Marine segment showed a 15% increase in net revenues, driven by higher unit volume and targeted price increases. Winnebago Industries Inc (NYSE:WGO) continues to gain market share in several core product segments, including Class A gas and diesel motorhomes. The RV market is experiencing a decline, with North America RV retail sales dropping by 8.2% in April, marking the third consecutive month of decline. Winnebago Industries Inc (NYSE:WGO) has lowered its full-year fiscal 2025 adjusted EPS guidance due to market pressures and ongoing business transitions. The company is facing challenges in the Winnebago-branded motorhome business, with a significant decrease in adjusted EBITDA margin due to higher discounts and operational inefficiencies. Tariff-related costs pose a potential risk to fiscal 2026 earnings, with an estimated impact of $0.50 to $0.75 per diluted share. Free cash flow was negative $81.7 million for the nine-month period, driven by operational inefficiencies and excess inventory in the Winnebago-branded motorhome segment. Q: Can you discuss the steps being taken to address challenges in the Winnebago-branded motorhome business? Are there considerations to exit or consolidate parts of this business? A: Michael Happe, President and CEO, explained that the turnaround plan includes reducing production to avoid pushing units with high discounts, improving the value proposition of legacy products, and evaluating the overall cost structure. The company is committed to the Winnebago brand and is exploring strategic options for future business plans. Q: What factors contributed to the 500 basis points decline in motorized business profitability year-to-date? A: Bryan Hughes, CFO, noted that the decline is due to deleverage and increased discounting and allowances necessary to move products in the current market. Q: How do you view the retail environment for the back half of calendar 2025, and what are your expectations for fiscal year 2026? A: Michael Happe stated that the company has tempered its outlook for the remainder of 2025 due to market pressures. While they hoped for a stronger recovery, the inflection point has not occurred. They will provide more guidance for 2026 in future communications. Q: Can you break down the potential $0.50 to $0.75 EPS impact from tariffs in fiscal 2026? A: Michael Happe explained that the tariff impact varies by component, such as motorized chassis and other materials. The company is working to mitigate these costs through supply chain strategies and pricing adjustments. Q: What is the strategy for the Winnebago motorhome segment regarding pricing and innovation? A: Michael Happe emphasized the importance of improving the value proposition and innovation in the Winnebago motorhome lineup. The company is focusing on product development and speed to market to enhance competitiveness. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Automotive
- Yahoo
Winnebago Industries Reports Third Quarter Fiscal 2025 Results
-- Net Revenues and EPS in Line with Preliminary Results Forecast -- -- Towable RV Segment Achieves Unit Volume Growth as New Products Target Affordability -- -- Continued Retail Share Gains Drive Marine Segment's Strong Profitability Growth -- -- Company Updates Fiscal 2025 Full-Year Outlook -- EDEN PRAIRIE, Minn., June 25, 2025 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading outdoor lifestyle product manufacturer, today reported financial results for the fiscal 2025 third quarter ended May 31, 2025. Third Quarter Fiscal 2025 Financial Summary Net revenues of $775.1 million Gross profit of $106.0 million, representing 13.7% gross margin Net income of $17.6 million, or $0.62 per diluted share; adjusted earnings per diluted share of $0.81 Adjusted EBITDA of $46.5 million, representing 6.0% adjusted EBITDA margin CEO Commentary'Our fiscal third-quarter results reflect both the diverse dynamics of our business segments and the challenges posed by an uncertain economic environment,' said Michael Happe, President and Chief Executive Officer of Winnebago Industries. "While retail demand across the outdoor recreation sector remains soft, our dealer partners are navigating the market with prudence and agility. At Winnebago Industries, we continue to pursue discipline in every aspect of our operations. We are focused on protecting long-term profitability and sustaining strong customer relationships while aligning production closely with healthy field inventory turn targets. Most importantly, I want to thank our entire team for their dedication. Their commitment and resilience continue to power our progress and position us for future growth.' 'Winnebago Industries' 67-year history of innovation is reflected in the exciting new products and model year updates launching across our portfolio,' Happe continued. 'In our Towable RV segment, we are leaning into the growing consumer emphasis on affordability by introducing a range of competitively priced products that are meeting the needs of today's buyers. New travel trailer offerings such as the Grand Design Transcend Series and the Winnebago Thrive are designed to deliver exceptional value and quality, ensuring that more families can experience the RV lifestyle without compromising on comfort or reliability. In our Motorhome RV segment, Grand Design RV's entrance into the motorized market with the expanding Lineage Series and new product entries from Newmar are gaining share momentum. In our Marine segment, our Chris-Craft and Barletta brands also continue to grow market share, helping to drive a double-digit increase in profitability." Third Quarter Fiscal 2025 Results Net revenues were $775.1 million, a decrease of 1.4% compared to $786.0 million in the third quarter of last year, driven by a reduction in average selling price per unit related to product mix, partially offset by targeted price increases. Volume growth in the Towable RV and Marine segments was partially offset by volume reductions in the Motorhome RV segment, as dealers continue their efforts to right-size field inventories in this segment. Gross profit was $106.0 million, a decrease of 10.3% compared to $118.2 million in the third quarter of last year. Gross profit margin decreased 130 basis points in the quarter to 13.7%, primarily as a result of higher warranty experience and product mix, partially offset by operational efficiencies compared to prior year. Selling, general and administrative expenses were $70.3 million, an increase of 1.9% compared to $69.1 million in the third quarter of last year, primarily due to investment to support the growth of the new Grand Design motorhome business. Operating income was $30.2 million, a decrease of 30.7% compared to $43.5 million in the third quarter of last year. Net income was $17.6 million, compared to net income of $29.0 million in the third quarter of last year. Reported earnings per diluted share was $0.62, compared to reported earnings per diluted share of $0.96 in the third quarter of last year. Adjusted earnings per diluted share was $0.81, a decrease of 26.4% compared to adjusted earnings per diluted share of $1.10 in the third quarter of last year. Consolidated Adjusted EBITDA was $46.5 million, a decrease of 19.8%, compared to $58.0 million in the third quarter of last year. Third Quarter Fiscal 2025 Segments Summary Towable RV Three Months Ended ($, in millions) May 31, 2025 May 25, 2024 Change(1) Net revenues $ 371.7 $ 386.3 (3.8) % Adjusted EBITDA $ 35.4 $ 41.9 (15.7) % Adjusted EBITDA Margin 9.5 % 10.9 % (140) bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. Net revenues for the Towable RV segment decreased from the prior year, primarily due to a shift in product mix toward lower price-point models, partially offset by higher unit volume. Segment Adjusted EBITDA margin decreased from the prior year, primarily due to higher warranty experience and deleverage, including that associated with product mix, partially offset by operational efficiencies. Motorhome RV Three Months Ended ($, in millions) May 31, 2025 May 25, 2024 Change(1) Net revenues $ 291.2 $ 299.0 (2.6) % Adjusted EBITDA $ 3.0 $ 13.4 (77.7) % Adjusted EBITDA Margin 1.0 % 4.5 % (340) bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. Net revenues for the Motorhome RV segment decreased from the prior year, primarily due to lower unit volume related to current market conditions, partially offset by product mix. Segment Adjusted EBITDA margin decreased from the prior year, primarily reflecting higher discounts and allowances, volume deleverage and operational inefficiencies associated with the Winnebago motorhome business. Marine Three Months Ended ($, in millions) May 31, 2025 May 25, 2024 Change(1) Net revenues $ 100.7 $ 87.9 14.6 % Adjusted EBITDA $ 11.6 $ 8.5 37.0 % Adjusted EBITDA Margin 11.6 % 9.7 % 190 bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. Net revenues for the Marine segment increased from the prior year, primarily driven by unit volume and targeted price increases, partially offset by product mix. Segment Adjusted EBITDA increased from the prior year, primarily driven by targeted price increases and leverage, partially offset by product mix and higher warranty expense. Balance Sheet and Cash FlowAs of May 31, 2025, cash and cash equivalents totaled $10.5 million. The Company had total outstanding debt of $539.9 million ($550.0 million of debt, net of debt issuance costs of $10.1 million) and working capital of $444.2 million. Cash flow used in operations was $25.3 million in the fiscal 2025 third quarter. Quarterly Cash DividendOn May 16, 2025, the Company's Board of Directors approved a quarterly cash dividend of $0.34 per share payable on June 25, 2025, to common stockholders of record at the close of business on June 11, 2025. OutlookBased on its results through the first three quarters of fiscal 2025, current business conditions and its outlook for the remainder of the year, the Company is updating its fiscal 2025 guidance as follows: Net revenues in the range of $2.7 billion to $2.8 billion Reported earnings per diluted share of $0.50 to $1.00 Adjusted earnings per diluted share of $1.20 to $1.70(1) 'Although the macroeconomic backdrop presents near-term challenges, we remain confident in the resilience of our brands and the long-term potential of our end markets,' Happe said. 'With a new leadership team in place, Winnebago motorhomes is launching a comprehensive margin recapture plan centered on refreshing the product line, boosting operational efficiency and rebuilding sustained profitability beginning in fiscal 2026. The growing appeal of the outdoor lifestyle—especially among younger and more diverse consumers—continues to drive strong interest in RVing and boating. This trend supports our view for meaningful growth across our portfolio as market conditions normalize.' Q3 FY 2025 Conference CallWinnebago Industries, Inc. will discuss third quarter fiscal 2025 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at The event will be archived and available for replay for the next 90 days. About Winnebago IndustriesWinnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company's common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2025. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance ("ESG") matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party security analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law. ContactsInvestors: Ray Posadas ir@ Media: Dan Sullivanmedia@ Winnebago Industries, to News Release Footnotes: (1) Fiscal 2025 adjusted EPS guidance excludes the pretax impact of intangible amortization of approximately $22 million and an asset impairment of approximately $1 million. Winnebago Industries, Consolidated Statements of Income(Unaudited and subject to reclassification) Three Months Ended (in millions, except percent and per share data) May 31, 2025 May 25, 2024 Net revenues $ 775.1 100.0 % $ 786.0 100.0 % Cost of goods sold 669.1 86.3 % 667.8 85.0 % Gross profit 106.0 13.7 % 118.2 15.0 % Selling, general, and administrative expenses 70.3 9.1 % 69.1 8.8 % Amortization 5.5 0.7 % 5.6 0.7 % Total operating expenses 75.8 9.8 % 74.7 9.5 % Operating income 30.2 3.9 % 43.5 5.5 % Interest expense, net 6.7 0.9 % 5.8 0.7 % Non-operating (income) loss (0.4 ) (0.1) % 2.2 0.3 % Income before income taxes 23.9 3.1 % 35.5 4.5 % Income tax provision 6.3 0.8 % 6.5 0.8 % Net income $ 17.6 2.3 % $ 29.0 3.7 % Earnings per common share: Basic $ 0.63 $ 0.99 Diluted $ 0.62 $ 0.96 Weighted average common shares outstanding: Basic 28.0 29.2 Diluted 28.4 30.4 Nine Months Ended (in millions, except percent and per share data) May 31, 2025 May 25, 2024 Net revenues $ 2,020.9 100.0 % $ 2,252.6 100.0 % Cost of goods sold 1,755.0 86.8 % 1,913.3 84.9 % Gross profit 265.9 13.2 % 339.3 15.1 % Selling, general, and administrative expenses 212.1 10.5 % 204.4 9.1 % Amortization 16.7 0.8 % 16.9 0.7 % Total operating expenses 228.8 11.3 % 221.3 9.8 % Operating income 37.1 1.8 % 118.0 5.2 % Interest expense, net 19.3 1.0 % 15.2 0.7 % Loss on note repurchase 2.0 0.1 % 32.7 1.5 % Non-operating (income) loss (1.0 ) (0.1) % 5.8 0.3 % Income before income taxes 16.8 0.8 % 64.3 2.9 % Income tax provision 4.8 0.2 % 22.2 1.0 % Net income $ 12.0 0.6 % $ 42.1 1.9 % Earnings per common share: Basic $ 0.43 $ 1.43 Diluted $ 0.42 $ 1.40 Weighted average common shares outstanding: Basic 28.3 29.3 Diluted 28.4 30.6 Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. In addition, percentages may not add in total due to rounding. Winnebago Industries, Inc. Condensed Consolidated Balance Sheets(Unaudited and subject to reclassification) (in millions) May 31, 2025 August 31, 2024 Assets Current assets Cash and cash equivalents $ 10.5 $ 330.9 Receivables, net 242.9 183.5 Inventories, net 477.8 438.7 Prepaid expenses and other current assets 28.1 35.6 Total current assets 759.3 988.7 Property, plant, and equipment, net 336.2 338.9 Goodwill 484.2 484.2 Other intangible assets, net 462.4 479.0 Investment in life insurance 28.6 29.6 Operating lease assets 43.1 46.6 Other long-term assets 18.9 17.2 Total assets $ 2,132.7 $ 2,384.2 Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 128.6 $ 144.7 Current maturities of long-term debt, net — 59.1 Accrued expenses 186.5 200.9 Total current liabilities 315.1 404.7 Long-term debt, net 539.9 637.1 Deferred income tax liabilities, net 2.2 3.0 Unrecognized tax benefits 5.9 5.4 Long-term operating lease liabilities 41.0 45.6 Other long-term liabilities 12.7 15.1 Total liabilities 916.8 1,110.9 Shareholders' equity 1,215.9 1,273.3 Total liabilities and shareholders' equity $ 2,132.7 $ 2,384.2 Winnebago Industries, Consolidated Statements of Cash Flows(Unaudited and subject to reclassification) Nine Months Ended (in millions) May 31, 2025 May 25, 2024 Operating activities Net income $ 12.0 $ 42.1 Adjustments to reconcile net income to net cash used in operating activities Depreciation 28.7 25.5 Amortization 16.7 16.9 Amortization of debt issuance costs 2.3 2.4 Last in, first-out expense (0.6 ) (0.1 ) Stock-based compensation 12.2 11.5 Deferred income taxes (0.7 ) (3.8 ) Loss on note repurchase 2.0 32.7 Asset impairment 1.2 — Contingent consideration fair value adjustment — 1.1 Payments of earnout liability above acquisition-date fair value — (14.7 ) Other, net (1.2 ) 3.1 Change in operating assets and liabilities, net of assets and liabilities acquired Receivables, net (59.0 ) (20.8 ) Inventories, net (38.5 ) 28.7 Prepaid expenses and other assets 7.2 6.8 Accounts payable (15.8 ) (12.1 ) Income taxes and unrecognized tax benefits 4.3 14.3 Accrued expenses and other liabilities (23.3 ) (30.4 ) Net cash (used in) provided by operating activities (52.5 ) 103.2 Investing activities Purchases of property, plant, and equipment (29.2 ) (33.8 ) Proceeds from the sale of property, plant, and equipment 2.1 0.3 Other, net 1.6 (2.9 ) Net cash used in investing activities (25.5 ) (36.4 ) Financing activities Borrowings on long-term debt 15.3 2,652.2 Repayments on long-term debt (175.2 ) (2,596.0 ) Payments for convertible note bond hedge — (68.7 ) Proceeds from issuance of convertible note warrant — 31.3 Proceeds from partial unwind of convertible note bond hedge — 55.8 Payments for partial unwind of convertible note warrant — (25.3 ) Payments of cash dividends (29.3 ) (27.8 ) Payments for repurchases of common stock (53.6 ) (64.3 ) Payments of debt issuance costs — (10.4 ) Payments of earnout liability up to acquisition-date fair value — (5.8 ) Other, net 0.4 0.4 Net cash used in financing activities (242.4 ) (58.6 ) Net (decrease) increase in cash and cash equivalents (320.4 ) 8.2 Cash and cash equivalents at beginning of period 330.9 309.9 Cash and cash equivalents at end of period $ 10.5 $ 318.1 Supplemental Disclosures Income taxes paid, net $ 2.3 $ 12.6 Interest paid 17.3 13.9 Non-cash investing and financing activities Capital expenditures in accounts payable $ 3.9 $ 2.2 Accrued debt issuance costs — — Increase in lease assets in exchange for lease liabilities: Operating leases 2.3 9.8 Finance leases 0.2 1.2 Winnebago Industries, Information by Reportable Segment - Towable RV(in millions, except unit data)(Unaudited and subject to reclassification) Three Months Ended May 31, 2025 % of Revenues(1) May 25, 2024 % of Revenues(1) $ Change(1) % Change(1) Net revenues $ 371.7 $ 386.3 $ (14.7 ) (3.8 )% Adjusted EBITDA 35.4 9.5 % 41.9 10.9 % (6.6 ) (15.7 )% Three Months Ended Unit deliveries May 31, 2025 Product Mix(2) May 25, 2024 Product Mix(2) Unit Change % Change Travel trailer 6,569 69.2 % 6,120 66.1 % 449 7.3 % Fifth wheel 2,926 30.8 % 3,143 33.9 % (217 ) (6.9 )% Total Towable RV 9,495 100.0 % 9,263 100.0 % 232 2.5 % Nine Months Ended May 31, 2025 % of Revenues(1) May 25, 2024 % of Revenues(1) $ Change(1) % Change(1) Net revenues $ 913.9 $ 1,001.8 $ (87.9 ) (8.8 )% Adjusted EBITDA 66.0 7.2 % 101.8 10.2 % (35.9 ) (35.2 )% Nine Months Ended Unit deliveries May 31, 2025 Product Mix(2) May 25, 2024 Product Mix(2) Unit Change % Change Travel trailer 16,034 68.7 % 15,987 67.0 % 47 0.3 % Fifth wheel 7,302 31.3 % 7,869 33.0 % (567 ) (7.2 )% Total Towable RV 23,336 100.0 % 23,856 100.0 % (520 ) (2.2 )% Dealer Inventory(3) May 31, 2025 May 25, 2024 Unit Change % Change Units 17,747 18,110 (363 ) (2.0 )% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. (2) Percentages may not add due to rounding differences. (3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations. Winnebago Industries, Information by Reportable Segment - Motorhome RV(in millions, except unit data)(Unaudited and subject to reclassification) Three Months Ended May 31, 2025 % of Revenues(1) May 25, 2024 % of Revenues(1) $ Change(1) % Change(1) Net revenues $ 291.2 $ 299.0 $ (7.9 ) (2.6 )% Adjusted EBITDA 3.0 1.0 % 13.4 4.5 % (10.4 ) (77.7 )% Three Months Ended Unit deliveries May 31, 2025 Product Mix(2) May 25, 2024 Product Mix(2) Unit Change % Change Class A 288 20.1 % 417 24.8 % (129 ) (30.9 )% Class B 406 28.4 % 476 28.3 % (70 ) (14.7 )% Class C 737 51.5 % 787 46.8 % (50 ) (6.4 )% Total Motorhome RV 1,431 100.0 % 1,680 100.0 % (249 ) (14.8 )% Nine Months Ended May 31, 2025 % of Revenues(1) May 25, 2024 % of Revenues(1) $ Change(1) % Change(1) Net revenues $ 798.5 $ 971.8 $ (173.3 ) (17.8 )% Adjusted EBITDA 10.9 1.4 % 60.7 6.2 % (49.8 ) (82.0 )% Nine Months Ended Unit deliveries May 31, 2025 Product Mix(2) May 25, 2024 Product Mix(2) Unit Change % Change Class A 808 20.2 % 1,269 24.3 % (461 ) (36.3 )% Class B 1,158 29.0 % 1,815 34.8 % (657 ) (36.2 )% Class C 2,031 50.8 % 2,128 40.8 % (97 ) (4.6 )% Total Motorhome RV 3,997 100.0 % 5,212 100.0 % (1,215 ) (23.3 )% Dealer Inventory(3) May 31, 2025 May 25, 2024 Unit Change % Change Units 3,614 4,386 (772 ) (17.6 )% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. (2) Percentages may not add due to rounding differences. (3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations. Winnebago Industries, Information by Reportable Segment - Marine(in millions, except unit data)(Unaudited and subject to reclassification) Three Months Ended May 31, 2025 % of Revenues(1) May 25, 2024 % of Revenues(1) $ Change(1) % Change(1) Net revenues $ 100.7 $ 87.9 $ 12.8 14.6 % Adjusted EBITDA 11.6 11.6 % 8.5 9.7 % 3.1 37.0 % Three Months Ended Unit deliveries May 31, 2025 May 25, 2024 Unit Change % Change Boats 1,254 1,127 127 11.3 % Nine Months Ended May 31, 2025 % of Revenues(1) May 25, 2024 % of Revenues(1) $ Change(1) % Change(1) Net revenues $ 272.9 $ 245.0 $ 27.9 11.4 % Adjusted EBITDA 27.7 10.2 % 20.1 8.2 % 7.6 38.1 % Nine Months Ended Unit deliveries May 31, 2025 May 25, 2024 Unit Change % Change Boats 3,471 3,107 364 11.7 % Dealer Inventory(2,3) May 31, 2025 May 25, 2024 Unit Change % Change Units 3,069 3,400 (331 ) (9.7 )% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. (2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments. (3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations. Winnebago Industries, Reconciliation(Unaudited and subject to reclassification) Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States ('GAAP'), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies. The following table reconciles diluted earnings per share to Adjusted diluted earnings per share: Three Months Ended Nine Months Ended May 31, 2025 May 25, 2024 May 31, 2025 May 25, 2024 Diluted earnings per share $ 0.62 $ 0.96 $ 0.42 $ 1.40 Acquisition-related costs(1) — — — 0.05 Amortization(1) 0.19 0.19 0.59 0.55 Change in fair value of note receivable(1) — — — 0.10 Contingent consideration fair value adjustment(1) — — — 0.03 Loss on note repurchase(2,3) — — 0.07 1.07 Asset impairment(1) 0.04 — 0.04 — Tax impact of adjustments(3,4) (0.05 ) (0.04 ) (0.16 ) (0.17 ) Adjusted diluted earnings per share(5,6) $ 0.81 $ 1.10 $ 0.96 $ 3.04 (1) Represents a pre-tax adjustment. (2) Represents the loss incurred on the partial repurchase of our Senior Secure Notes in the second quarter of Fiscal 2025 and partial repurchase of our 2025 Convertible Notes in the second quarter of Fiscal 2024. (3) The loss on note repurchase in the second quarter of Fiscal 2025 was tax-deductible, while the loss in the second quarter of Fiscal 2024 did not qualify for a tax deduction. (4) Income tax impact calculated using the statutory tax rate for the U.S. of 23.0% for Fiscal 2025 and Fiscal 2024. (5) Beginning in the fourth quarter of Fiscal 2024, the Company updated its definition of Adjusted EPS to no longer adjust for the impact of a call spread overlay that was put in place upon the issuance of convertible notes, and which economically offsets dilution risk. Prior period amounts have been revised to conform to current year presentation. (6) Per share numbers may not foot due to rounding. The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA. Three Months Ended Nine Months Ended (in millions) May 31, 2025 May 25, 2024 May 31, 2025 May 25, 2024 Net income $ 17.6 $ 29.0 $ 12.0 $ 42.1 Interest expense, net 6.7 5.8 19.3 15.2 Income tax provision 6.3 6.5 4.8 22.2 Depreciation 9.6 8.9 28.7 25.5 Amortization 5.5 5.6 16.7 16.9 EBITDA 45.7 55.8 81.5 121.9 Acquisition-related costs — — — 1.5 Change in fair value of note receivable — — — 3.0 Contingent consideration fair value adjustment — — — 1.1 Loss on note repurchase — — 2.0 32.7 Asset impairment 1.2 — 1.2 — Non-operating (income) loss (0.4 ) 2.2 (1.0 ) 1.7 Adjusted EBITDA $ 46.5 $ 58.0 $ 83.7 $ 161.9 Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance. Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
4 days ago
- Automotive
- Wall Street Journal
Even Warren Buffett Hasn't Fixed the RV Industry's Serial Breakdowns
Jay Nelson was driving away from a picturesque Montana state park in 2020 when he saw smoke in his rearview mirror. It was coming from the Forest River recreational vehicle he was towing. Nelson, a longtime Montana highway patrolman, got his three daughters to safety, then he and his wife grabbed a fire extinguisher.
Hans India
16-06-2025
- Hans India
Lecturer reinstated after public outcry
Bengaluru: Following a massive public outcry and widespread criticism from pro-Kannada groups and citizens, the RV Education Institute has reinstated lecturer Rupesh Puttur, who was previously forced to resign for answering a student's question in Kannada during class. Rupesh, a chemistry lecturer at RV PU Learning Hub in Bengaluru, was allegedly asked to resign after a student objected to him responding in Kannada, despite the question being asked in the same language. In a heartfelt video posted on social media, Rupesh shared his emotional ordeal, revealing that he was pressured to resign and feared that the incident might impact his daughter's future, as she is currently pursuing her studies at the same institution.
