Overview

• U.S. RV and marine maker's Q3 revenue fell 9.9%, missing analyst expectations

• Adjusted EPS for Q3 declined and missed analyst expectations

• Company cut fiscal 2026 revenue and adjusted EPS guidance amid weak retail demand

Outlook

• Winnebago Industries lowers FY 2026 reported EPS guidance to $1.05-$1.40 from $1.50-$2.20

• Company lowers FY 2026 adjusted EPS guidance to $1.65-$2.00 from $2.10-$2.80

• Winnebago Industries sees FY 2026 revenue between $2.65 bln and $2.75 bln

Result Drivers

• LOWER UNIT VOLUME - Co said Q3 revenue decline was primarily driven by lower unit volume, with dealer ordering remaining cautious due to weak consumer confidence and macro uncertainty

• MOTORHOME RV GROWTH - Motorhome RV segment saw higher sales and improved profitability, driven by new products and selective price adjustments

Company press release: ID:nGNX97fJ9R

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Net Revenue	Miss	$698.70 mln	$758.15 mln (13 Analysts)
Q3 Adjusted EPS	Miss	$0.66	$0.76 (12 Analysts)
Q3 EPS		$0.51
Q3 Net Income		$14.50 mln
Q3 Adjusted EBITDA		$37.80 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the recreational products peer group is "buy."

• Wall Street's median 12-month price target for Winnebago Industries Inc is $36.00, about 32% above its June 24 closing price of $27.27

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 14 three months ago

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