Discounts and tough comparables with pandemic-fueled outdoors sales resulted in a 57% drop in profits over the fall months for Winnebago Industries.

Sales for the Eden Prairie-based company's fiscal first quarter, which ended Nov. 25, were down 20% to $763 million over the same period a year ago, the company said Wednesday. Net income was $25.8 million, or 78 cents a share.

The results were consistent with the overall recreational vehicle industry.

But Winnebago CEO Michael Happe told analysts he believes there will be "a strong rebounding outdoor economy in the back half of calendar year 2024 and especially into 2025."

Happe's confidence is backed up by estimates from the RV Industry Association, which projects RV sales will grow about 12% to 16% in 2024 to more than 350,000 units.

Adjusted earnings per share for the quarter were $1.06 and missed analysts' expectations of $1.17.

Winnebago's diversified portfolio includes its marine segment, which makes Chris-Craft and Barletta pontoon boat brands. The segment's performance reflected many of the same pressures as the RV segment, with marine revenue down 34% to $87.3 million in the quarter.

Still, Happe said the company performed well given the macroeconomic conditions.

"Winnebago Industries' first quarter results underscore the resilience of our diversified portfolio and variable cost structure in navigating a sales environment influenced by challenging retail trends and intentional inventory management by dealers," he said in a news release.

Shares of Winnebago closed Wednesday at $70.96 a share, down 5.6% on the day. Year-to-date Winnebago's shares are up 35%.