Off The Beating Path Economic Indicators
Winnebago Posts $ 8.6 million loss
NEW YORK (AP) - Recreation-vehicle maker Winnebago Industries Inc. says it lost $8.6 million in its fiscal third quarter, as revenue crumbled in the face of tumbling motor-home sales.
The Forest Hills, Iowa-based company posted a per-share loss of 29 cents per share for the quarter ended May 30. It earned $3 million, or 10 cents per share, last year.
Revenue plunged 64 percent to $50.8 million.
Wall Street analysts surveyed by Thomson Reuters predicted a loss of 27 cents per share.
The motor-home industry has been battered by the economic downturn, as strapped consumers with weakened access to credit shun RV purchases. Winnebago says industrywide sales fell 77 percent during the first two months of the fiscal third quarter.
