Winnebago net tumbles 73 percent on dismal sales of RVs
CHICAGO, June 20 (Reuters) - Winnebago Industries Inc (WGO.N) said on Friday that earnings in the latest quarter tumbled as tough economic conditions dragged the motor home maker's sales down nearly 40 percent during the key spring selling season.
The Forest City, Iowa-based company reported a net profit of $3 million, or 10 cents a share, for its fiscal third quarter, ended May 31, down 73 percent from the $11.3 million, or 35 cents a share, a year earlier.
Sales fell 39.7 percent to $139.7 million from $231.7 million last year.
Stripping out tax benefits, Winnebago lost $6.9 million. Last year, it reported an operating profit for the quarter of $14.7 million.
Analysts, on average, expected the company to report a profit of 3 cents a share on sales of $163.1 million, according to Reuters Estimates. (Reporting by James B. Kelleher; Editing by Steve Orlofsky)
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