Winnebago Industries Inc (WGO)

Shares of Winnebago Industries, Inc. (WGO) dropped by 5.58% from $75.14 to $70.95 in the trading on Wednesday, December 20, 2023. The reason why WGO down today is due to the company's disappointing first-quarter fiscal 2024 results, which saw a 57.1% decrease in net income to $25.8 million ($1.06 per share) and a 19.9% decrease in revenue to $763.0 million. The negative results were attributed to lower unit sales due to market conditions, changes in product mix, and increased discounts and allowances. Sales declined across various segments, including Towable RV, Motorhome RV, and Marine. CEO Michael Happe acknowledged the challenges posed by a sales environment influenced by retail trends and dealer inventory management. The RV industry has been impacted by high interest rates, affecting the affordability of RVs, especially those with higher price points.