Winnebago sinks as motor home demand hits a pothole

A struggling RV industry is sometimes viewed as a recession indicator.

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RV maker Winnebago on Thursday posted its preliminary third-quarter results, and they’re not great. The company expects sales to reach $775 million, below analyst estimates of $810 million. Winnebago’s guidance has adjusted earnings per share of between $0.75 and $0.85, significantly under the $1.37 Wall Street had penciled in.

Winnebago shares sank on the report and were down about 5% midday Thursday.

“While market pressures have been observed across our portfolio, they have been most acute in our Winnebago Motorhomes business unit,” CEO Michael Happe said. According to Happe, the company will aggressively modify its production schedules and adjust its headcount. Winnebago has already performed three layoffs in the past 12 months.

A slumping RV industry has historically tracked with recessions, and some believe it to be a strong economic bellwether. The theory goes that buying an RV is one of the most crystallized examples of “having extra cash and feelin’ good.” Therefore, when RV sales are sinking, times are bad.

It’s a solid hypothesis, though it’s probably not the leading indicator some — including the RV industry — might think: the US economy has seen a long swing away from goods and toward services.

Winnebago rival and Airstream maker Thor saw stronger results in its earnings report on Wednesday, posting better-than-expected earnings and revenue. Still, the company is laying off 570 people this month.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.