Citi cuts RV sector estimates as industry faces ongoing weakness

Investing.com -- Citi lowered its financial estimates for several recreational vehicle companies as the industry continues to face weak demand through 2026, according to a research note released Wednesday.

The firm reduced its fiscal 2026 EBITDA estimate for Camping World Holdings by $8 million to $230 million, placing it at the low end of the company's guidance range of $230 million to $270 million. Citi also cut its fiscal 2027 and 2028 EBITDA estimates for the company by $25 million and $32 million to $301 million and $383 million, respectively.

For Thor Industries and Winnebago Industries, Citi adjusted its fourth quarter 2026 earnings per share estimates by negative $0.01 and positive $0.03, respectively. The firm brought its fiscal 2027 EBITDA estimates for both companies down to roughly flat year-over-year, citing inflationary pressures offsetting margin initiatives.

Recent RV industry retail unit sales have remained weak, down approximately 20% in July. Wholesale shipments declined 12% in July, with inventory drawdown in the May through July period being somewhat lighter than 2025.

July marked the final month of Thor Industries' fourth quarter 2026. Industry retail sales were down 15% in the quarter, while Thor Industries retail sales fell 21%. RV wholesale shipments decreased 15% in the quarter.

The Hershey RV Show, one of the two largest retail RV shows in the United States, runs from September 16 through September 20. Thor Industries is scheduled to report its fourth quarter 2026 earnings on September 22, followed by the RV Dealer Open House in Elkhart, Indiana.

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