RV Business

GRAND RAPIDS, Mich. – In a year dominated by election headlines and digital saturation, Americans are looking for a different kind of escape: a trip back in time. The (Re)Creation Vacation, which combines traditional outdoor recreation with the concept of “re-creating” cherished past experiences, is emerging as 2025’s defining travel trend. Recent data from Campspot, a leading online marketplace for booking camping and RV trips, reveals that travelers are increasingly looking to the past to inspire new, nostalgic outdoor adventures., according to a release

Nostalgic Vibes Nationwide: America’s Collective Yearning for Yesteryears

New insights indicate that a significant portion of Americans across all age groups are expressing a profound longing for simpler times. According to Campspot’s data, an overwhelming 88% of survey participants yearn to break free from the complexities of the current era, with 72% stating that this longing for a simpler time will strongly influence their travel decisions in 2025. 82% report regularly seeking solace in camping because they feel overwhelmed by modern life. This trend aligns with findings from Campspot’s previous studies, including the 2023 ‘Calm-cation‘ and the 2024 ‘Great Summer Slowdown,’ underscoring a sustained interest in vacations that prioritize tranquility and simplicity.

“Campers today aren’t just looking for a break,” says Erin Stender, CMO of Campspot. “They’re seeking a meaningful way to reconnect with their roots and relive the joyous moments of their childhood. The (Re)Creation Vacation is about more than nostalgia — it’s about actively seeking solace and simplicity in an increasingly complex world.”

Modern Pressures Driving the (Re)Creation Vacation Surge

As election season approaches, the (Re)Creation Vacation trend emerges as a profound response to society’s accelerated pace. With survey respondents listing the political climate and financial pressures as the top two current stressors of modern life, camping offers a unique refuge. 94% of respondents see camping as a form of stress relief from today’s pressures, while 76% admit that the current economic climate strongly influences their choice to camp over other trip types. A further 61% value a tech-free camping experience, citing digital overload as a major factor in their decision to disconnect, and 32% of respondents miss the lack of screen time from their childhood, showing a widespread longing to recapture the simplicity of pre-digital life. With daily rates for camping stays at private campgrounds with amenities averaging $59 for tent sites and $67 for RV sites in 2025, a (Re)creation Vacation provides travelers with a cost-effective getaway while offering the opportunity to unplug and escape the pressures of modern life.

“At Campspot, we’re observing a pivotal moment,” Stender adds. “This shift isn’t just about stepping away from daily routines; it’s deeply rooted in today’s societal pressures. As people navigate the complexities of modern life, they’re turning to (Re)Creation Vacations not just as an escape, but as a vital way to restore balance and prioritize what’s truly important in their lives.”

3 Popular (Re)Creation Vacations for 2025

The Cross Country Caravan: Rediscover the Joy of the Open Road

• As the allure of the open road continues to captivate the hearts of travelers, 75% of campers are drawn to the timeless appeal of a ‘classic road trip’ or caravan adventure for 2025. This modern take on the great American road trip invites travelers to follow legendary routes, rediscover hidden gems, and enjoy the journey as much as the destination. Perfect for those eager to explore expansive landscapes and the freedom of the road, a caravan adventure offers an unmatched opportunity to engage with the country’s vast and varied beauty.

The Old School Family Campout: Bringing Generations Together

• In an age where fast-paced lifestyles dominate, families are seeking meaningful ways to reconnect, with more than half of campers (56%) interested in multi-generational campouts as a vital way to strengthen family bonds in 2025. Here, families come together around the campfire to revive cherished traditions and introduce new rituals that bridge ages and eras.

The Rustic Retreat: Embracing Simplicity in Nature

• With a growing demand to unplug from digital life, 83% of campers are drawn to rustic retreats for the opportunity to disconnect and unwind in 2025. This style of camping offers a compelling blend of simplicity and modern comfort. While stargazing and campfires supplant screens and calls, campers can still enjoy access to select modern amenities that ensure comfort without detracting from the authentic outdoor experience.

Back to the Future: Why the ’80s Remain a Timeless Escape

As ’80s pop culture makes a comeback in fashion, music, and travel, the past is fueling today’s cultural and lifestyle choices. The 1980s in particular have emerged as the decade most Campspot survey respondents want to revisit, mirroring the widespread fascination with that era. In fact, 70% report they are willing to give up modern technology for a week to experience life as it was in the ’80s, underscoring a robust longing to relive the spirit of those times.

Crafting Your Own (Re)Creation Vacation

Whether planning a cross-country caravan, a big family campout, or a rustic retreat to disconnect and unwind, there’s no better time to rediscover the magic of a (Re)Creation Vacation. Campspot is your partner in rediscovering these nostalgic experiences, providing access to a variety of prime camping and RV spots perfect for making new memories. Learn more about this trend at https://www.campspot.com/about/recreation-vacation and download the Campspot app to book your next getaway today.

About Campspot

Campspot is the leading software provider and online marketplace for RV resorts, family campgrounds, cabins, glamping options, and more, providing access to more than 230,000 campsites across the United States and Canada. Their innovative online marketplace simplifies the process of finding and booking campsites with a user-friendly platform and a diverse selection of campgrounds. Whether you’re a seasoned camper or a first-time adventurer, Campspot has the perfect spot for you.

The post Campspot: ‘(Re)Creation Vacation’ an Outdoor Travel Trend first appeared on RVBusiness - Breaking RV Industry News.

MISSOULA, Mont. – Outdoor recreation leaders from Minnesota and North Dakota committed to advance the principles contained in the Outdoor Recreation Industry Confluence Accords, on behalf of their governors, at a signing on Oct. 16 at the 2024 Outdoor Media Summit.

With the addition of the Minnesota Outdoor Recreation Industry Partnership, authorized by Governor Tim Walz, and the North Dakota Office of Outdoor Recreation, authorized by Governor Doug Burgum, the total number of states in the Confluence reaches a notable 20, according to a release from the Outdoor Recreation Roundtable (ORR).

This pivotal moment was celebrated at the annual Outdoor Media Summit in Missoula, Montana, where government officials, industry leaders, media representatives, and outdoor brands gathered to witness the signing ceremony. The summit, the largest congregation of state directors of outdoor recreation to any one event in the history of the movement, featured shared programming and networking opportunities, including keynote speeches, panels, and interactive sessions. Participants engaged in thought-provoking discussions and workshops, focusing on the latest trends, technologies, and best practices in outdoor media.

The Confluence Accords embody 15 principles contained in the five pillars of conservation and stewardship, education and workforce training, economic development, public health and wellness, and opportunity and experience. They were developed in 2018 to promote and advance best practices for all states to sustainably grow their outdoor recreation economies.

The original Confluence Accord signatories were outdoor recreation directors from the states of Colorado, Montana, North Carolina, Oregon, Utah, Vermont, Washington, and Wyoming on behalf of their governors on July 25, 2018 in Denver, Colorado. The second signing included Maine, Michigan, Nevada, New Mexico, and Virginia on October 24, 2019 in Saint George, Utah. The third signing included Arkansas, Maryland, and New Hampshire on May 26, 2022 in Little Rock, Arkansas. Earlier this year, the fourth signing included Massachusetts and Pennsylvania on May 7, 2024 in Washington, D.C.

“We are thrilled to welcome Minnesota and North Dakota to the Confluence of States,” said Katherine Andrews, 2024 Chair of the Confluence of States and Director of the Arkansas Office of Outdoor Recreation. “These two states have already been incredible partners, offering valuable insights and innovative approaches to outdoor recreation. We are excited to continue our work together, leveraging our shared knowledge to drive positive change across the nation.”

“Joining the Confluence of States marks an exciting new chapter for Minnesota’s vibrant outdoor recreation industry,” said Randolph Briley, Deputy Director of the Minnesota Outdoor Recreation Industry Partnership. “By harnessing the collective expertise and resources of the Confluence, we aim to propel Minnesota’s outdoor recreation industry to new heights, ensuring that it remains a vital contributor to our state’s economy and a source of joy for residents and visitors alike. Together, we look forward to fostering sustainable growth and innovative partnerships that reflect the spirit and resilience of Minnesota.”

“We are incredibly excited to continue to not only enhance health and wellbeing by maximizing the impact of outdoor recreation in North Dakota, but to also responsibly develop our resources as a driver of economic and workforce development,” said Cody Schulz, Director of the North Dakota Parks and Recreation Department. “In North Dakota we believe in innovative partnerships and taking a whole of industry approach that engages the private and public sectors alike, and the principles of these accords embody that spirit,” added Cole Garman, North Dakota’s Director of the Office of Outdoor Recreation.

“The Confluence of States represents the very best of outdoor recreation—leaders representing governors from all political backgrounds, united behind the benefits of the $1.1 trillion outdoor recreation economy nationwide,” said Chris Perkins, Vice President of Programs at Outdoor Recreation Roundtable. “We congratulate Minnesota and North Dakota on joining this bipartisan network and applaud Governors Burgum and Walz for their commitment to outdoor recreation and its proven value to their constituents and economies.

“The Confluence of States’s success is our collective success in the outdoor industry. We’re honored to have held the signing at the 2024 Outdoor Media Summit highlighting the growth of offices across the nation,” said Yoon Kim, Founder of the Outdoor Media Summit. “We’re proud to continue the tradition of co-convening our two events together.”

The announcement comes at a pivotal moment as the Confluence of States also unveils the 2024 Outdoor Report. This comprehensive document highlights the achievements of member states under the organization’s core pillars. The report sheds light on the vital role these offices play in enhancing public lands, boosting local economies, and promoting health and wellness through outdoor recreation. With now 24 offices nationwide, the report illustrates the profound impact of this collaborative network.

Outdoor recreation is an economic engine that creates jobs and sustains state and local economies throughout the U.S. The U.S. Bureau of Economic Analysis reported that outdoor recreation makes up 2.2 percent of U.S. GDP, generating $1.1 trillion in gross output and supporting 5 million jobs.

The Confluence of States is a bipartisan network of state leaders advancing our outdoor economy through a collective voice.

The post Outdoor Rec Organization Welcomes Minnesota, North Dakota first appeared on RVBusiness - Breaking RV Industry News.

IRVINE, Calif. – Performance Brokerage Services, North America’s highest volume dealership brokerage firm, announced the acquisition of Palm Beach RV in West Palm Beach, Florida by General RV Center from the Waits Family.

The acquisition was initially reported on RVBusiness.com on Oct. 18.

Palm Beach RV is a third-generation, family-owned and operated dealership located on the Gold Coast of Florida offering leading brands by Grand Design and Forest River. General RV Center welcomed nearly 40 employees of Palm Beach RV.

General RV Center is a premier, family-owned dealership group, founded in 1962 by Abe Baidas. The group started from humble beginnings with a Mobil gas station, which later transformed into a small sales and manufacturing facility. It has since become one of the largest RV dealership groups in the country, employing over 2,000 team members across 20 locations in Michigan, Ohio, Florida, Utah, Illinois, Pennsylvania, and Virginia, with a 150,000 square foot inspection facility in Indiana. The family legacy continues with Abe’s son, Robert Baidas, acting as Chairman, and Abe’s grandson, Loren Baidas, as CEO. General RV Center continues to expand their business, operating seven Supercenters in Florida, and approaching 21 locations as they prepare to open a second dealership in Utah in early 2025.

Following the purchase of Palm Beach RV, Loren Baidas remarked, “We have a great relationship with Jesse Stopnitzky at Performance Brokerage Services. We’ve completed three deals with him, and he’s managed each transaction at a high level. From matching the right buyer and seller to navigating the unique challenges of each deal, he’s a true professional and we enjoy working with him. Most importantly, he’s honest and has integrity. He’s the kind of person we want to work with.”

Over the last 5 years, Performance Brokerage Services has advised on the sale of over 300 dealerships, making it the highest volume dealership brokerage firm in North America. Jesse Stopnitzky, Co-Owner and Director of the RV Division and Jon Couwenberg, Partner, were the exclusive buy-side advisors for this transaction.

Jesse Stopnitzky commented, “It is an honor to have been entrusted by the leadership at General RV Center to assist with their growth objectives. They continue to demonstrate an unwavering commitment to their value system of integrity, transparency, and professionalism. We deeply value the relationship with General RV and appreciate the opportunity to work alongside such an exemplary company.”

General RV supports its local community by donating tents to scout groups, working with Make-A-Wish families, and volunteering to clean up local playgrounds and parks. In addition, the Richard Baidas Memorial Scholarship Fund was created in 2006 to provide college scholarships to children and grandchildren of General RV employees. Since the program’s inception, more than $1,000,000 of college scholarship funds have been awarded.

Palm Beach RV will be renamed General RV Center of West Palm Beach and will remain at its current location at 5757 North Military Trail in West Palm Beach, Florida.

The post Performance Brokerage Touts General RV Acquisition in Fla. first appeared on RVBusiness - Breaking RV Industry News.

WICHITA, Kan. – Building on the increasing popularity of Class B vans and smaller RVs, Airxcel featured a slate of products from its brands that are designed for Class B vehicles at this year’s 2024 OEM New Product Showcase.

Anthony Wollschlager, President and CEO of Airxcel, said, “The Class B market is continuing to be a popular segment, particularly for new RV owners. We want our customers to have those same comforts of home while they’re out on the road.”

Coleman-Mach offered its 48V Rooftop A/C unit which is designed for Class B vans or compact travel trailers. The unit features a three-speed adjustable fan speed as well as a quiet mode for nighttime use. The sleek, low-profile ceiling assembly allows for spacious overhead comfort.

InVision debuted its 3.1-cubic-foot 12V refrigerator with 0.37-cubic-foot freezer. Designed for modern van life, it offers the ultimate cooling solution for Class B vans and small RVs. With five customizable temperature settings, a quiet night mode, and a boost mode for quick cooling, it’s the ideal addition to any mobile home. The unit’s design gives a sleek, integrated look for Class B van interiors.

Velarium announced a new 12V electric RV lateral arm box awning. It is designed for sun protection, user-friendliness, and durability. The awning features a lightweight, sleek case made from black powder-coated aluminum that shields the awning from the elements when retracted providing lasting protection and a contemporary appearance. Velarium offers three tiers of upgrades for box awning: Tier 1 includes LED lighting; Tier 2 features a wind sensor that automatically retracts the awning in strong winds to prevent damage with access to an online app for control on the go; and Tier 3 encompasses LED lighting, wind sensor, and app control. Ideal for the Class B market or on units without the head clearance required for a vertical arm awning.

Vixen Composites announcedits new Vixenite PET Foam Core Composite Panel – the ultimate lightweight, durable, and moisture-resistant solution for Class B van sub-floors. This high-performance composite panel is designed to replace traditional wood substrates, offering superior strength and longevity in RV applications. The panel is engineered with a PET foam core sandwiched between multi-directional fiberglass mats and surface veil, all bonded with a premium thermoset plastic resin. Its one-piece construction can be precisely routed and cut, allowing for a seamless drop-in installation, eliminating the need for additional trimming or adjustments.

To learn more about Airxcel’s offerings for the Class B market, Coleman-Mach, InVision, Velarium or Vixen, reach out to our business development team at [email protected].

The post Airxcel Highlights Products for B-Vans at 2024 Showcase first appeared on RVBusiness - Breaking RV Industry News.

BRISTOL, Ind.—The RV Care Network, Canada’s largest network of independent RV dealers, announces a new strategic partnership with Bontrager Outdoors, a division of Bontrager Industries, a leading provider of outdoor camping trailers and canopy truck campers according to a release.

Bontrager Industries is the parent company of Bontrager Outdoor and Skinny Guy Campers. Both divisions offer travel trailers; however, Skinny Guy Campers additionally offers a line of canopy truck bed campers.

By offering a curated selection of Bontrager Outdoors and Skinny Guy Camper products that are carefully designed to elevate the RV lifestyle, this collaboration with the RV Care Network marks a significant step forward in enhancing the outdoor experience for all RV enthusiasts across Canada.

“We are thrilled to partner with Bontrager Industries, a brand that shares our passion for the outdoor lifestyle. It allows us to expand our product offering in high-quality outdoor trailers and canopy truck campers which will greatly enhance the RV experience for our dealers’ customers. Generating more sales for our dealers is, in the final analysis, the key metric for success,” says George Tibbo, senior business development Manager at RV Care.

Bontrager Industries is equally enthusiastic about the collaboration. “Teaming up with Canadian RV Care provides us with a unique opportunity to connect with the growing RV community in Canada and bring our products to Canadian RVers, helping them make the most of their outdoor experiences,” comments Jason Bontrager, CEO at Bontrager Industries.

Bontrager Outdoors and Skinny Guy Campers Travel Trailers and Canopy Truck Campers are available at selected RV Care dealerships nationwide. To find the participating RV Care dealer nearest you, consult the dealer directory at rvcare.ca.

About the RV Care Network

Established in 1999, the RV Care Network, Ltd. is Canada’s largest network of independent RV dealers and counts over 80 dealers (and growing) within its ranks. Through a host of services and programs that include website development, marketing services, promotional activities and online shopping, the network is committed to ensuring the future prosperity of its members, as well as promoting the RVing lifestyle to the greater Canadian public.

About Bontrager Outdoors

Bontrager Outdoors focuses on adventure-oriented travel trailers and teardrop trailers, appealing to a wide market of outdoor enthusiasts. With a best-in-class leadership team and extensive industry experience, the company’s products are known for high-quality craftsmanship, reliability, and innovative designs. The company’s commitment to the Golden Rule — treating customers as they would like to be treated—translates to exceptional customer support and loyalty. For more information, visit its website.

The post RV Care Network, Bontrager Outdoors Announce Partnership first appeared on RVBusiness - Breaking RV Industry News.

FAIRFAX, Va. – By understanding current trends and dynamics, dealers can strategically position their business to capture market share and generate more leads. In the competitive RV market, leveraging data insights is essential for gaining an edge and effectively engaging buyers at every stage of the sales funnel.

“Insights 360: Leveraging Consumer Data for Market Success” begins at 12:45 p.m. Nov. 14 and is led by Erin Ruane, chief sales officer, RV Trader and Statistical Surveys Inc.; John Ryneska, senior sales manager, Statistical Surveys, Inc.; Gillian Luce, AVP, marketing, Trader Interactive; Anna Stoica-Zhang, director of product, marketplaces, Trader Interactive; and Sasha Pyshkov, director of data analytics and insights, Trader Interactive, is part of the business innovation education track.

Learning objectives for this session:

• How to leverage data-driven insights to optimize marketing efforts and effectively engage buyers at various stages of the sales funnel to improve lead generation in a competitive market.
• The current trends and consumer behaviors in the RV market using insights from RV Trader’s marketplace, consumer research, registration data from Statistical Surveys Inc., and more to strategically position their dealership for success.
• Techniques for refining inventory and engaging their buyers based on consumer preferences, marketplace behavior, and the consumer purchase journey.

About the RV Dealers Convention/Expo

The convention allows North America’s top dealership personnel to forge valuable connections with peers, industry leaders, and potential business partners in the Expo. Dealership professionals can expand their network and gain insights from the best in the RV industry. 

The dealer-organized RVDA Convention will provide an in-depth look into the current sales landscape. Attendees will have access to valuable resources to optimize all departments within a dealership, including fixed operations.

To register for the 2024 RV Dealers Convention/Expo click here. Regular updates will be posted on the convention website, Facebook, Instagram, LinkedIn, and X.   

The event is sponsored by RVDA of the U.S., RVDA of Canada, and the Mike Molino RV Learning Center.

Companies interested in partnership or sponsorship opportunities can contact Julie Newhouse at (703) 364-5518 or email [email protected].  

The post RVDA Workshop to Help Dealers Navigate Market Trends first appeared on RVBusiness - Breaking RV Industry News.

EDITOR’S NOTE: Now in its 14th year, the RVBusiness Top 50 program celebrates those North American RV dealerships that, in the eyes of an esteemed panel of independent judges, best exemplifies dealer excellence in customer and community service. Winning dealers will be recognized during a presentation Nov. 13 during the RV Dealers Convention/Expo at Paris Las Vegas.

The Top 50 program is made possible thanks to the generous sponsorship of the following organizations: Airxcel Inc., Brown & Brown Insurance, Cummins Inc., GE Appliances, Genesis Products, Northpoint Commercial Finance, NTP-STAG, Performance Brokerage Services, Protective Asset Protection, RV Trader, and Wells Fargo.

RVBusiness will publish a profile of each Top 50 sponsor leading up to the RV Dealers Convention/Expo.

Cummins is well-known in the RV industry for its generators, but Marketing Manager Kristin Howard sees the Columbus, Indiana-based company’s mission in more expansive terms: “We power RV adventures,” she says.

The company’s Onan generators make it possible to RVers to enjoy the freedom to camp where they want, without having to rely on shore power, Howard notes. And to make sure that RVers have the best experiences possible, Cummins believes it’s important to provide dealers with the best products, as well as the training and resources they need, she adds.

Cummins is touting the release this year of the new Onan QG 4000i RV generator, which meets the CARB 2024 standards for small engines, and which Howard says offers low fuel consumption and quiet operation. In total, Cummins now offers three inverter generators that meet CARB requirements.

“We are continuing to make our products as efficient as possible and CARB compliant, so customers will continue to see the latest and greatest generator technology coming from Cummins,” she says.

To educate RV dealers about Cummins new generators, the company equipped a travel trailer with its CARB-compliant generators that it had travel the country on its “Onan Unplugged Tour” so that dealers could see the technology in action for themselves. Separately, Cummins has partnered with Cortni Armstrong, known as the Flipping Nomad, to renovate a Class C motorhome, which has been equipped with an Onan QG 4000i generator. Cummins is taking that motorhome on an extended tour this summer that will include Harvest Host locations around the country, so RVers can see how the generator performs.

Howard says Cummins is constantly looking to innovate to provide the best products for RV dealers and their customers. She notes that the company benefits from its more than 100-year history and from its size of operation, with 58,000 employees worldwide and facilities in 190 companies. Notably, Cummins has been providing diesel engines to the motorhome market since the 1960s. Today, with engines rated from 300 horsepower to more than 605 horsepower, Cummins offers power and reliability for every type of motorhome on the market.

Cummins is proud to support the RV Business Top 50 Dealer Awards recognizing top-performing dealerships because those businesses are vital to the long-term success of the RV market, Howard says.

“They (dealers) support the RVing experience, so it is an honor for us to show our support to them,” she says. “It’s really important that dealers feel supported by suppliers.”

The post RVB Top 50 Dealer Awards Sponsor Profile: Cummins Inc. first appeared on RVBusiness - Breaking RV Industry News.

STOCKHOLM – Dometic today released its financial report for the third quarter of 2024. One Swedish krona (SEK) equals $0.094.

THIRD QUARTER 2024

• Net sales were SEK 5,647 m (6,830); a decrease of -17%, of which -14% was organic growth.
• Operating profit (EBITA) before items affecting comparability was SEK 483 m (973), corresponding to a margin of 8.6% (14.3%).
• Operating profit (EBIT) was negatively impacted by a non-cash goodwill impairment of SEK 2,000 m.
• Operating profit (EBIT) was SEK -1,673 m (788), corresponding to a margin of -29.6% (11.5%). The margin was 5.8% (11.5%) excluding the goodwill impairment.
• Profit for the quarter was SEK -1,921 m (412).
• Earnings per share were SEK -6.01 (1.29). Adjusted earnings per share were SEK 0.59 (1.71).
• Operating cash flow was SEK 1,269 m (2,125). Cash flow was SEK -506 m (-1,961). A loan was amortized by USD 100 m in the quarter.
• Net debt to EBITDA leverage ratio was 3.0x (2.9x) at the end of the period. At the end of the second quarter 2024 the ratio was 2.9x.
• A restructuring program to accelerate strategy implementation is being assessed, details will be communicated before or in conjunction with the publication of the report for the fourth quarter 2024.

CEO COMMENT

“As previously communicated our financial performance was severely impacted by weakened market conditions in the quarter. Despite the current market conditions, we remain committed to our strategic agenda. We continue to invest in product development and sales capabilities in strategic structural growth areas. At the same time we have reduced our workforce by more than 3,000 FTEs (Full time equivalents) over the past three years to improve efficiency. We will now accelerate the implementation of strategic improvements to take the next step on our transformation journey and a restructuring program is being assessed. Improvement activities will include cost reductions as well as an intensified focus to divest or exit non-strategic parts of our existing product portfolio. This will support margin expansion and release resources to invest and drive profitable growth and value creation in our strategic structural growth areas. We will come back with more detailed information about the program before or in conjunction with the publication of the report for the fourth quarter 2024.

Organic net sales in the third quarter declined by 14 percent compared to the same quarter last year. The EBITA margin before items affecting comparability fell to 8.6 percent (14.3), while operating cash flow was robust at SEK 1.3 b (2.1) compared to a strong third quarter 2023. The net debt to EBITDA leverage ratio was in line with expectations at 3.0x (2.9x). The cash flow focus remains high across the organization, and we are committed to achieving our net debt to EBITDA leverage ratio target of around 2.5x.

In the Service & Aftermarket sales channel organic net sales declined by 11 percent compared to the same quarter last year. Retail inventories are lower than last year; however customers are cautious about building inventories ahead of the low season. Usage of boats and Recreational Vehicles (RVs) remains high, but in the current macroeconomic situation we are seeing more consumers focusing on essential repairs and deferring upgrades to a greater extent. Service & Aftermarket net sales in the Land Vehicles EMEA segment remained stable while there was a decline in the other segments.

Organic net sales in the Distribution sales channel fell by 10 percent compared to the same quarter last year. Net sales in the Mobile Cooling Solutions segment slowed down during the quarter, negatively impacted by a lower sell through to consumers combined with retailers’ focus on managing inventories. We continue to keep our strong market leading position, and with several new products ramping up, and more products in the pipeline, we will be in a strong position when the high season starts in 2025. During the quarter we launched two new series of Dometic branded Mobile Cooling boxes.

Demand in the OEM (Original Equipment Manufacturer) sales channel remained weak driven by the existing destocking situation globally. Organic net sales declined by 20 percent compared to the same quarter last year. As expected, we experienced an accelerated negative development in the quarter in the Land Vehicles EMEA and Land Vehicles APAC segments.

The EBITA margin before items affecting comparability fell to 8.6 percent (14.3) as a consequence of lower net sales. In addition there was a significant negative impact on margin due to the decline in our Service & Aftermarket business. As a consequence of the macroeconomic situation and weakened market conditions, a non-cash goodwill impairment of SEK 2.0 b was performed in the quarter related to the Land Vehicles Americas segment. The impairment had no impact on EBITA, cash flow or on the net debt to EBITDA leverage ratio.

Long-term trends in Mobile Living are strong as a growing number of consumers are enjoying the outdoors globally. However we expect the current challenging market conditions to remain throughout the year over a seasonally weak fourth quarter. In a market where the visibility is shorter than normal, we will stay proactive and continue to relentlessly drive our strategic agenda to deliver on our targets.”
 
Juan Vargues President and CEO

PRESENTATION OF THE REPORT
Analysts and media are invited to participate in a telephone conference at 09.00 (CEST) October 23, 2024, during which President and CEO, Juan Vargues, and CFO, Stefan Fristedt, will present the report and answer questions.

Webcast link: https://dometic.videosync.fi/2024-10-23-q3-2024/register


To participate in conference call to ask questions
Those who wish to participate in the conference call to ask questions in connection with the webcast are welcome to register on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference.
Registration link: https://service.flikmedia.se/teleconference/?id=100430

Webcast URL and presentation are also available at https://www.dometicgroup.com/en/investors

This information is information that Dometic Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CEST on October 23, 2024.

The post Dometic’s Q3 Impacted by 2024’s ‘Weakened Market’ first appeared on RVBusiness - Breaking RV Industry News.

EDEN PRAIRIE, Minn. – Winnebago Industries Inc. (NYSE: WGO), a leading outdoor lifestyle product manufacturer, today reported financial results for the company’s fourth quarter and full year fiscal 2024.

Fourth Quarter Fiscal 2024 Financial Summary

• Revenues of $720.9 million
• Gross profit of $94.2 million, representing 13.1% gross margin
• Net loss per diluted share of $1.01 (includes goodwill impairment)
• Adjusted net earnings per diluted share of $0.28⁽¹⁾
• Net cash from operations of $40.7 million

Full Year Fiscal 2024 Financial Summary

• Revenues of $2,973.5 million
• Gross profit of $433.5 million, representing 14.6% gross margin
• Net earnings per diluted share of $0.44 (includes goodwill impairment and loss on note repurchase)
• Adjusted net earnings per diluted share of $3.40⁽¹⁾
• Net cash from operations of $143.9 million

CEO Commentary

“Winnebago Industries’ fourth quarter performance fell short of our expectations, primarily reflecting the sluggish retail demand environment and operating inefficiencies within our Winnebago branded businesses,” said Michael Happe, the company’s president and chief executive officer. “The RV industry continues to face various headwinds, including uncertain retail conditions, higher inventory carrying costs and slightly elevated inventories in the motorhome segment, leading to continued dealer hesitancy and increased promotional efforts. Despite the challenging operating conditions, in the fourth quarter we continued to focus on the variables within our control. We prioritized profitability and cash generation, aggressively managed inventory, and invested in new products and technologies to drive future growth.

“As evidenced by the recent launch of the Lineage Series M, Grand Design’s first motorized RV, product innovation remains a centerpiece of our long-term strategy,” Happe said. “We are continuously evolving our offerings to strike the right balance between cutting-edge features and the growing consumer preference for affordability, highlighted by products such as the Grand Design Reflection 100 Series, the Grand Design Influence and the Winnebago Access. As we begin Fiscal 2025, our RV and marine brands are intensifying their efforts to deliver exceptional value to consumers across a range of price points.

“In recent weeks, we have implemented leadership changes to enhance our Winnebago Motorhome and Winnebago Towables businesses, both of which have underperformed in recent quarters,” Happe said. “Chris West, who previously served as Senior Vice President of Enterprise Operations and Barletta Boats, has been named President of the Winnebago branded Motorhome and Specialty Vehicles business. Don Clark, President of Grand Design and a proven leader with an unmatched track record of success and understanding of the RV industry over the last 40 years, has been promoted to Group President and will augment his responsibilities by providing executive oversight for the Winnebago Towables business. The extensive industry knowledge and leadership skills Chris and Don bring to their new roles will be invaluable in further enhancing Winnebago brand’s influence, impact, and market share through new products and technology innovations.”

Fourth Quarter Fiscal 2024 Results

Revenues were $720.9 million, a decrease of 6.5% compared to $771.0 million in the fourth quarter of last year, driven primarily by product mix, partially offset by higher unit volume.

Gross profit was $94.2 million, a decrease of 26.1% compared to $127.5 million in the fourth quarter of last year. Gross profit margin decreased 340 basis points in the quarter to 13.1%, reflecting higher warranty expense, operational challenges, and deleverage.

Operating expenses were $112.0 million, an increase of 60.4% compared to $70.0 million in the fourth quarter of last year. This increase was primarily driven by a $30.3 million impairment charge associated with the Chris-Craft reporting unit, start-up costs associated with the launch of the Grand Design motorized business, and strategic investments in engineering, digital technology development and increased data and information technology capabilities. The decline in fair value of the Chris-Craft reporting unit was driven primarily by softening in the marine industry as a result of sustained macroeconomic challenges impacting consumer demand, such as inflationary pressures and elevated interest rates, and the current uncertainty regarding the timing and degree of an economic recovery.

Operating loss was $17.8 million compared to operating income of $57.5 million in the fourth quarter of last year.

Net loss was $29.1 million, compared to net income of $43.8 million in the fourth quarter of last year. Reported net loss per diluted share was $1.01, compared to reported net earnings per diluted share of $1.28 in the fourth quarter of last year. Adjusted earnings per diluted share was $0.28⁽¹⁾, a decrease of 80.1% compared to adjusted earnings per diluted share of $1.41⁽¹⁾ in the fourth quarter of last year.

Consolidated Adjusted EBITDA was $28.7 million, a decrease of 60.6%, compared to $72.9 million last year.

Full Year Fiscal 2024 Results

Revenues were $3.0 billion, a decrease of 14.8% compared to $3.5 billion in Fiscal 2023, driven primarily by product mix and lower unit sales related to market conditions.

Gross profit was $433.5 million, a decrease of 26.0% compared to $586.1 million in Fiscal 2023. Gross profit margin decreased 220 basis points year-over-year to 14.6% as a result of deleverage, higher warranty expense, and operational challenges.

Operating expenses were $333.3 million, an increase of 16.8% compared to $285.4 million in Fiscal 2023. The increase was primarily due to the goodwill impairment charge associated with the Chris-Craft reporting unit, a full year of Lithionics operations and increased intangible amortization, start-up costs associated with the launch of the Grand Design motorized business, and strategic investments in engineering, digital technology development, and increased data and information technology capabilities, partially offset by lower incentive-based compensation.

Operating income was $100.2 million, a decrease of 66.7% compared to $300.7 million in Fiscal 2023.

Net income was $13.0 million, compared to net income of $215.9 million in Fiscal 2023. Reported earnings per diluted share was $0.44, compared to reported earnings per diluted share of $6.23 in the same period last year. Adjusted earnings per diluted share was $3.40⁽¹⁾, a decrease of 49.8% compared to adjusted earnings per diluted share of $6.77⁽¹⁾ in Fiscal 2023.

Consolidated Adjusted EBITDA was $190.6 million, a decrease of 46.3%, compared to $354.7 million last year.

Fourth Quarter and Fiscal 2024 Segments Summary

• Revenues for the Towable RV segment were down compared to the prior year, primarily driven by a reduction in average selling price per unit related to product mix and targeted price reductions, partially offset by an increase in unit volume.
• Segment Adjusted EBITDA margin decreased compared to the prior year, primarily driven by deleverage, higher warranty expense due to a favorable prior year trend, and operational challenges at our Winnebago branded towable business.
• Backlog decreased due to current market conditions and a cautious dealer network as well as reduced order lead times due to production capacity.

Balance Sheet and Cash Flow
As of August 31, 2024, cash and cash equivalents were $330.9 million, compared with $309.9 million as of the end of Fiscal 2023. Total outstanding debt was $696.2 million ($709.3 million of debt, net of debt issuance costs of $13.1 million) with working capital of $584.0 million. Cash flow provided by operations was $40.7 million in the Fiscal 2024 fourth quarter. With a cash balance of $330.9 million and an undrawn asset-backed revolving credit facility of $350.0 million, the Company maintains meaningful financial flexibility, supported by its strong balance sheet and robust liquidity.

Quarterly Cash Dividend and Share Repurchases
On August 15, 2024, the Company’s Board of Directors approved a 10% increase in the quarterly cash dividend of $0.34 per share. The dividend was paid on September 25, 2024, to common stockholders of record at the close of business on September 11, 2024. In addition, Winnebago Industries executed share repurchases of $10.0 million during the Fiscal 2024 fourth quarter, bringing its total share repurchases for the Fiscal year to $70.0 million.

Business Outlook and Financial Guidance
For calendar year 2025, Winnebago Industries anticipates total North American RV wholesale shipments in the range of 320,000 to 350,000 units. Based on this outlook and the current business environment, the Company expects Fiscal 2025 consolidated revenues in the range of $2.9 billion to $3.2 billion, reported earnings per diluted share of $2.40 to $3.90⁽²⁾ and adjusted earnings per diluted share of $3.00 to $4.50⁽²⁾. The Company’s outlook takes into account prevailing trends in the RV sector, including competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

“We enter Fiscal 2025 confident in the long-term prospects of our business, optimism that is grounded in the strong market potential of our latest product innovations,” Happe said. “Although the recent easing of interest rates is expected to bolster consumer demand as we move into the second half of the 2025 calendar year, near-term visibility remains limited due to the potential for further economic instability and the likelihood of continued industry-wide destocking within the motorhome RV category.

“Amid this complex and dynamic market environment, we are managing capacity, output, and cost in a highly disciplined manner,” said Bryan Hughes, the Company’s Senior Vice President and Chief Financial Officer. “We are focused on leveraging our strengths, optimizing our product mix, and maintaining operational flexibility to capitalize on opportunities that position our portfolio of premium brands to gain share as market conditions improve. We are committed to investing in our core competencies and enhancing the customer experience through new products and technologies, while maintaining a balanced approach to capital allocation that we believe will enable us to create value for our shareholders over the long term.”

Q4 FY 2024 Conference Call
Winnebago Industries, Inc. will discuss fourth quarter and full year Fiscal 2024 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company’s website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

The post Happe: Winnebago Q4 Reflects Sluggish Demand, Headwinds first appeared on RVBusiness - Breaking RV Industry News.

BERNARDSVILLE, N.J. – Spacious Skies Campgrounds located from Maine in the North to Georgia in the South offers special discounts on RV sites, cabins and glamping accommodations to members of the military, first responders and emergency services staff. Discounts are also available for groups booking multiple sites as well as frequent campers and campers staying for a month or more.

First responders, emergency services staff and members of the military receive 10 percent off every night of their stay at Spacious Skies Campgrounds.

“When we started Spacious Skies Campgrounds three years ago, we knew that we wanted to honor guests who were either staying while they worked as first responders or emergency services as well as those vacationing workers who were taking a break from their high-stress jobs,” said Ali Rasmussen, co-founder of Spacious Skies Campgrounds. “That sentiment applies now more than ever when there are so many people who are offering their time and skills to help those impacted by the recent hurricanes.”

Some of the collection’s southern locations such as Spacious Skies Belle Ridge in Monterey, Tenn., Spacious Skies Hidden Creek in Marion, N.C. and Spacious Skies Peach Haven in Gaffney, S.C. are situated near areas that have been impacted by Hurricane Helene, and Rasmussen said those campgrounds have seen an increase in the number of guests involved in clean-up and rescue efforts.

“We honor and respect those guests involved in recovery initiatives,” she said. She also noted many Spacious Skies Campgrounds staff have volunteered their time and talents to clean-up efforts.

Campers can also save money by becoming “Cosmic Campers” and joining the Spacious Skies Campgrounds Loyalty Program. Members of the program receive 12 percent on stays. Campers who plan to stay at campgrounds for extended periods of time can also receive special rates as long-term campers.

Visit the website for details on how to obtain the discount.

The post Spacious Skies Offers Discounts to First Responders, Military first appeared on RVBusiness - Breaking RV Industry News.