Overview

• EPS came in at $2.36 versus the $1.27 consensus, and revenue reached $2.523 billion versus $2.333 billion expected.
• Profitability softened year over year, with gross profit down 7.6% to $370.9 million, gross margin down 110 bps to 14.7%, and adjusted EBITDA down 4.1% to $209.5 million.
• North American Motorized posted sales up 7.8% to $557.4 million and shipments up 15.9%, while gross margin fell 150 bps to 11.3% and backlog grew 29.3% to $1.0 billion.
• North American Towable saw sales down 4.6% to $888.7 million and shipments down 10.1% with margin improving to 13.3% and backlog at $525 million; Europe recorded sales down 2.2%, shipments down 14.1%, margin at 15.6% (down 310 bps), and backlog at $1.5 billion (down 21.8%).
• The company projected fiscal 2026 GAAP EPS of $3.75–$4.25 and sales of $9.0–$9.5 billion, noted Open House and winter shows as near-term indicators, and reported shares up about 5% alongside $259 million in quarterly operating cash flow and $587 million in cash.