Friday, March 21, 2008

Winnebago 2Q Profit Drops 67%

DES MOINES, Iowa (AP) — Motor home manufacturer Winnebago Industries Inc. said Thursday its second quarter profits fell nearly 67 percent as consumer confidence in the economy helped drag down sales of recreational vehicles.

High fuel prices hurt too. Filling up the tank of one of Winnebago's largest motor homes would cost more than $400 at Thursday's prices, about 47 percent more than a year ago, for example. It could cost about $244 to fill up a smaller one.

The earnings results were below Wall Street expectations, and its shares dropped 8 percent in midday trading.

The Forest City-based company said it cut employment by 9 percent, or about 300 people during the quarter to bring production in line with slowing sales.
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