The Forest City, Iowa, company made $11 million, or 35 cents a share, for the quarter ended May 26, down from the year-ago $13 million, or 40 cents a share. Revenue rose 5% from a year ago to $231 million.
Analysts surveyed by Thomson Financial were looking for profit of 49 cents a share on sales of $245 million.
"We were pleased with the positive reaction to the introduction of our new 2008 Winnebago and Itasca products at our recent Dealer Days event in Las Vegas," said CEO Bruce Hertzke. "It is our goal to increase our Class A diesel market share, and I believe our new and redesigned diesel product lines will have a positive impact going forward."
Shares fell $1.25 to $29.35.