Winnebago Industries Files Q1 2025 10-Q

TL;DR

WGO Q1 2025 10-Q filed. Check financials.

AI Summary

Winnebago Industries Inc. reported its first quarter results for the fiscal year ending August 30, 2025. For the period ending November 30, 2024, the company's financial performance is detailed in this 10-Q filing. Specific financial figures and operational details for this quarter are available within the document.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Winnebago Industries, crucial for understanding the company's current health and future prospects in the recreational vehicle market.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the RV industry can be cyclical and sensitive to economic conditions.

Key Players & Entities

• WINNEBAGO INDUSTRIES INC (company) — Filer
• MODERNISTIC INDUSTRIES INC (company) — Former company name
• 2024-11-30 (date) — Reporting period end date
• 2024-08-31 (date) — Previous fiscal year end date
• 13200 PIONEER TRAIL (address) — Company business and mailing address
• EDEN PRAIRIE (city) — Company location
• MN (state) — Company location

FAQ

Key Financial Figures

• $0.50 — ange on which registered Common Stock, $0.50 par value per share WGO New York Stock

Filing Documents

• wgo-20241130.htm (10-Q) — 912KB
• a2025q1exh311.htm (EX-31.1) — 11KB
• a2025q1exh312.htm (EX-31.2) — 11KB
• a2025q1exh321.htm (EX-32.1) — 5KB
• a2025q1exh322.htm (EX-32.2) — 6KB
• wgo-20241130_g1.jpg (GRAPHIC) — 34KB
• 0000107687-24-000037.txt ( ) — 5532KB
• wgo-20241130.xsd (EX-101.SCH) — 31KB
• wgo-20241130_cal.xml (EX-101.CAL) — 75KB
• wgo-20241130_def.xml (EX-101.DEF) — 126KB
• wgo-20241130_lab.xml (EX-101.LAB) — 484KB
• wgo-20241130_pre.xml (EX-101.PRE) — 333KB
• wgo-20241130_htm.xml (XML) — 771KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II. OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 5. Other Information 28 Item 6. Exhibits 29

SIGNATURES

SIGNATURES 30 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements Winnebago Industries, Inc. Consolidated Statements of Income (Unaudited) Three Months Ended (in millions, except per share data) November 30, 2024 November 25, 2023 Net revenues $ 625.6 $ 763.0 Cost of goods sold 548.8 647.2 Gross profit 76.8 115.8 Selling, general, and administrative expenses 72.1 71.1 Amortization 5.6 5.6 Total operating expenses 77.7 76.7 Operating (loss) income ( 0.9 ) 39.1 Interest expense, net 5.8 4.1 Non-operating loss — 0.6 (Loss) income before income taxes ( 6.7 ) 34.4 Income tax (benefit) provision ( 1.5 ) 8.6 Net (loss) income $ ( 5.2 ) $ 25.8 (Loss) earnings per common share: Basic $ ( 0.18 ) $ 0.87 Diluted $ ( 0.18 ) $ 0.78 Weighted average common shares outstanding: Basic 28.6 29.6 Diluted 28.6 34.7 The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements. 3 Table of Contents Winnebago Industries, Inc. Consolidated Balance Sheets (in millions, except per share data) November 30, 2024 August 31, 2024 (Unaudited) Assets Current assets Cash and cash equivalents $ 262.5 $ 330.9 Receivables, less allowance for credit losses ($ 0.2 and $ 0.2 , respectively) 171.4 183.5 Inventories, net 435.5 438.7 Prepaid expenses and other current assets 38.9 35.6 Total current assets 908.3 988.7 Property, plant, and equipment, net 338.1 338.9 Goodwill 484.2 484.2 Other intangible assets, net 473.4 479.0 Investment in life insurance 29.7 29.6 Operating lease assets 46.4 46.6 Other long-term assets 17.9 17.2 Total assets $ 2,298.0 $ 2,384.2 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 113.6 $ 144.7 Current maturities of long-term debt, net 59.2 59.1 Accrued expenses: Accrued compensation 29.7 35.9 Product warranties 72.5 78.9 Self-insurance 17.9 20.2 Promotional 27.7 30.4 Accrued interest and dividends 12.0 14.6 Other current liabilities 19.6 20.9 Total

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) (All amounts are in millions, except share and per share data, unless otherwise designated) Note 1. Basis of Presentation The consolidated financial statements include the accounts of Winnebago Industries, Inc. and its wholly-owned subsidiaries. Intercompany account balances and transactions have been eliminated in consolidation. The use of the terms "Winnebago Industries," "Winnebago," "we," "our," and "us" in this Quarterly Report on Form 10-Q, unless the context otherwise requires, refers to Winnebago Industries, Inc. and its wholly owned subsidiaries. The interim unaudited consolidated financial statements included herein are prepared pursuant to the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC"). The information furnished in these consolidated financial statements includes normal recurring adjustments, unless noted otherwise in the Notes to Consolidated Financial Statements, and reflects all adjustments that are, in management's opinion, necessary for a fair presentation of such financial statements. The consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). GAAP requires us to make estimates and assumptions that affect amounts reported. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The consolidated financial statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2024 filed with the SEC. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year ending August 30, 2025. Segment Update In conjunction with t