Winnebago Industries down after Q3 revenue disappoints

Winnebago Industries

21/06/2023 12:45

** RV maker Winnebago Industries' shares  WGO.N  drop ~3% to
$62.10 before the bell 
    ** Stock on track to record fifth consecutive session of
losses if current moves hold
    ** WGO misses Wall Street estimates for Q3 revenue on lower
sales volumes and higher discounts amid weak demand 
    ** Reports revenues of $900.8 mln for qtr ended May 27, down
~38% from last year and below estimates of $954.7 mln, per
Refinitiv data
    ** Co's adjusted EPS of $2.13, however, tops estimates,
thanks to strong profitability in its Towable RVs segment
    ** Still, overall gross margin down 190 basis points to
16.8% 
    ** Five of 12 brokerages rate the stock "buy" or higher and
the rest rate it "hold"; their median PT is $64 - Refinitiv
    ** As of last close, stock up ~22% YTD 

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))