Winnebago Industries, Inc. (NYSE:WGO) saw its shares drop in Wednesday’s first hour, on the release of third-quarter figures.
The Forest City, Iowa-based outdoor lifestyle company, a leading outdoor lifestyle product manufacturer, today reported financial results for the Company's third quarter Fiscal 2020 ended May 30.
The Company’s results were impacted by the unprecedented series of events related to the COVID-19 pandemic which included the suspension of manufacturing operations as well as disruptions across its dealer network, supply chain and end consumers during most of the quarter.
Revenues for the Fiscal 2020 third quarter ended May 30, 2020, were $402.5 million, a decrease of 23.9% compared to $528.9 million for the Fiscal 2019 period.
Fiscal 2020 third-quarter net income was a loss of $12.4 million, compared to net income of $36.2 million in the same period last year. Net loss per diluted share was $(0.37), compared to earnings per diluted share of $1.14 in the same period last year.
Consolidated adjusted net loss per diluted share was $(0.26) for the third quarter, excluding costs totaling $3.5 million, or $0.11 per diluted share, after tax.
Said CEO Michael Happe, "Our third fiscal quarter was a uniquely challenging time for Winnebago Industries, as it spanned the most intense portion of the unexpected COVID-19 pandemic in the U.S.
"While the pandemic has significantly changed how we conduct business on a day-to-day basis, I couldn’t be prouder of how our teams have worked collaboratively to respond to this tremendous test."
Shares fell $3.07, or 4.3%, to $67.79.
