Winnebago Industries, Inc. (NYSE:WGO) reported a 19.9% Y/Y decline in Q1 FY24 sales to $763 million, surpassing consensus estimates. The decline was attributed to lower unit sales, product mix changes, and increased discounts. The Towable RV segment saw a 4.8% drop, while the Motorhome RV and Marine segments decreased by 28.0% and 33.5%, respectively. Gross profit fell by 27.8% Y/Y, and operating income decreased by 54.5%. Adjusted EPS of $1.06 missed the consensus of $1.17. The company has $593.1 million in debt and used $21.4 million in cash for operations. Despite this, $50 million was returned to shareholders, and investments were made in innovation and IT. The CEO remains optimistic about market improvements in mid to late 2024. WGO shares fell by 1.72% to $73.85.