Winnebago Industries, Inc. (WGO) is adjusting to the post-pandemic market for outdoor recreation. This Zacks Rank #5 (Strong Sell) is expected to see a double digit earnings decline this year.Winnebago is a North American manufacturer of motorhomes, travel trailers, fifth-wheel products, pontoons, inboard/outboard and sterndrive powerboats and commercial community outreach vehicles. Its brands including Winnebago, Grand Design, Chris-Craft, Newmar and Barletta.It has multiple facilities in Iowa, Indiana, Minnesota and Florida. Another Earnings Beat in the Fiscal Fourth QuarterOn Oct 18, 2023, Winnebago reported its fiscal fourth quarter 2023 results and beat the Zacks Consensus again. It reported earnings of $1.59 versus the consensus of $1.32.Winnebago has only missed once in the last 5 years and that was in early 2020, when the COVID pandemic broke out.Revenue fell 34.6% to $771 million from $1.2 billion in the year ago period due to lower unit sales related to current market conditions and dealer efforts to reduce inventories, and higher discounts and allowances compared to prior years. It was partially offset by carryover price increases.Gross profit was $127.5 million, a decrease of 39.4% compared to $210.4 million a year ago. Gross profit margin fell 130 basis points to 16.5% due to volume deleverage and higher discounts and allowances.The consumer market continues to be challenged but they have focused on inventory levels, optimizing the supply chain and managing capacity, output and cost.Winnebago also finished the acquisition of Lithionics Battery in fiscal 2023, positioning itself as a leader in electrification.All three of its segments saw falling sales in the quarter, with Motorhome falling 42.8% to $317.7 million, Towables declining 30.9% to $341.4 million and Marine was down 21% to $96.4 million. Analysts Cut Full Year Fiscal 2024 EstimatesEven though Winnebago put together yet another earnings beat, the analysts are bearish for fiscal 2024. 5 estimates have been cut in the last week.The Zacks Consensus has dropped to $6.58 from $6.94 in the last week. That’s an earnings decline of 14.2% as Winnebago made $7.67 last year. Shares SinkWinnebago was a big pandemic winner as consumers bought RVs and towables to take to the open road. But that demand has ended. Over the last 3 months, the shares have sunk 15.9%. They’re still up 8.9% year-to-date, however. Image Source: Zacks Investment ResearchWinnebago is a cheap stock with a forward P/E of 8.8.It’s also shareholder friendly with a dividend and share repurchases. In the fourth quarter it saw share repurchases of $30 million. The stock is currently yielding a 2.1% dividend.However, with earnings still sliding, investors might want to wait on the sidelines for stabilization before jumping in.More By This Author:5 Must See Earnings ChartsWatch These 5 Homebuilder Earnings Charts This Week3 Value Stock Screens: Which One Is Best?