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Winnebago profit off 73%

June 21, 2008|From the Associated Press

DES MOINES — Winnebago Industries Inc. said Friday that its fiscal third-quarter profit skidded 73% as high gasoline prices, tighter credit and a soft economy drive motor home sales lower industrywide.

The company earned $3 million, or 10 cents a share, in the three months ended May 31, compared with $11.3 million, or 35 cents, a year earlier. Sales fell almost 40% to $139.7 million.

The profit figure included a tax benefit of $8.9 million.

The company reported an operating loss of $6.9 million, compared with operating income of $14.7 million last year.

Analysts expected earnings of 3 cents a share on sales of $157.6 million.

Winnebago shares fell $1.23, or 9.6%, to $11.59.

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