Winnebago Industries’ motorized division posted higher sales in the fiscal first quarter of 2023 from the fiscal first quarter of 2022, helping overcome slumping performance in the manufacturer’s towable division.
Winnebago dramatically lowered its towable backlog from the previous year during the fiscal first quarter of 2023. President and CEO Michael Happe said the company’s long-term outlook through fiscal 2025 is well-considered and positive but sounded a cautious note about 2023.
“Navigating the near-term during the rest of fiscal 2023 is critically important in maintaining momentum and financial health,” Happe said. “We expect some supply chain issues and the normalization of outdoor retail demand to continue through the rest of this period, yet we are focused on maintaining solid profitability.”
Motorized sales in the fiscal first quarter of 2023 rose 10.1% from the fiscal first quarter of 2022. The increase came despite the company’s inability to build motorhomes on Mercedes Sprinter chassis in model years 2019-2022 because of a global recall.
The manufacturer’s towable division registered fiscal first-quarter sales down 46.7% compared with the fiscal first quarter of 2022. However, the division’s backlog fell 77% from the fiscal first quarter of 2022 as Winnebago stocked higher dealer inventory levels.
Happe said the manufacturer was pleased with fall award recognitions, including RVDA Quality Circle Awards in its Grand Design, Newmar and Winnebago brands.
“Winnebago Industries’ first quarter results are a testament to the strength, diversification and resiliency of our brand portfolio amid a dynamic macroeconomic environment,” Happe said. “Growth in our motorhome and marine segments helped to mitigate challenging market conditions in our towables business, demonstrating the ongoing benefits of a more balanced array of outdoor recreation businesses. We are also proud of the investments our team continues to make in strengthening our golden threads of quality, innovation and experience.”
