Winnebago Industries, Inc. (NYSE:WGO) stock rose 2.66% (As on December 21, 11:31:00 AM UTC-4, Source: Google Finance) after the company posted mixed results for the first quarter of FY 24. Gross profit for the Fiscal 2024 first quarter was $115.8 million, a decrease of 27.8% compared to $160.4 million for the Fiscal 2023 first quarter. Gross profit margin decreased 160 basis points from prior year to 15.2% primarily as a result of volume deleverage and higher discounts and allowances. Operating income was $39.1 million for the Fiscal 2024 first quarter, a decrease of 54.5% compared to $85.9 million for the first quarter of last year. Fiscal 2024 first quarter net income was $25.8 million, a decrease of 57.1% compared to $60.2 million in the prior year quarter. Consolidated Adjusted EBITDA was $54.1 million for the Fiscal 2024 first quarter, a decrease of 44.2%, compared to $97.0 million last year. As of November 25, 2023, the Company had total outstanding debt of $593.1 million ($600.0 million of debt, net of debt issuance costs of $6.9 million) and working capital of $587.3 million. Cash flow used in operations was $21.4 million in the Fiscal 2024 first quarter.

WGO in the first quarter of FY 24 has reported the adjusted earnings per share of $1.06, missing the analysts’ estimates for the adjusted earnings per share of $1.20, according to Zacks Investment Research. The company had reported 19.9 percent decline in the adjusted revenue to $763 million in the first quarter of FY 24, beating the analysts’ estimates for revenue of $727.6 million. This is primarily driven by lower unit sales related to market conditions, product mix, and higher discounts and allowances compared to prior year, partially offset by carryover price increases related to higher motorized chassis costs.

Moreover, Revenues for the Towable RV segment were $330.8 million for the Fiscal 2024 first quarter, down 4.8% compared to the prior year, primarily driven by a reduction in average selling price per unit related to product mix and targeted price reductions, partially offset by unit volume growth. Revenues for the Motorhome RV segment were $334.4 million for Fiscal 2024 first quarter, down 28.0% from the prior year, primarily driven by a decline in unit volume related to market conditions and higher levels of discounts and allowances, partially offset by product mix and price increases related to higher motorized chassis costs. Revenues for the Marine segment were $87.3 million for Fiscal 2024 first quarter, down 33.5% from the prior year.