Thor Sinks as Results Trail Analyst Estimates
Thor Industries (THO:US) provided its full-year profit and sales forecast, which did not meet expectations, causing a decline in the company's stock price.
The stock opened about 5% lower on Tuesday.
The company anticipates full-year sales to be in the range of $10.5 billion to $11.0 billion, with earnings per share expected to fall within the range of $6.25 to $7.25. These projections missed FactSet's expectations, which were for sales of $10.86 billion and EPS of $7.12.
Thor Industries reported fiscal fourth-quarter net income of $91.3 million, or $1.68 per share, a decrease from $281.8 million, or $5.15 per share, in the same quarter of the previous year.
Revenue for the quarter was $2.74 billion, down from $3.82 billion in the prior-year quarter.
“Our fiscal fourth quarter results demonstrate a continued focus on solid execution and our ability to consistently perform through changing market conditions. Our European segment achieved another quarter of record performance while our North American operating teams made further progress with our independent dealers to reduce and rebalance channel inventory ahead of the model year 2024 rollout,” said Bob Martin, President and CEO of THOR Industries.
Congressman Daniel Goldman was selling Thor shares on two occasions this year. The stock was up 23.2% year-to-date based on Monday’s close.
