Thor Industries, Inc. (NYSE:THO) shares are trading lower on Wednesday.
The company reported third-quarter earnings per share of $2.13, beating the street view of $1.80. Thor Industries registered quarterly sales of $2.80 billion, beating the street view of $2.727 billion.
“On a year-over-year basis, our fiscal third quarter saw a consolidated net sales decline of 4.4% while net income before taxes decreased just 20 basis points as a percentage of sales,” said Todd Woelfer, Senior Vice President and Chief Operating Officer.
Thor Industries’ independent dealers are facing elevated floor plan interest rates, which has suppressed their inventory levels in the quarter under review.
North American Towable RV net sales were down 4.7%, North American Motorized RV net sales decreased 18.7%, and European RV net sales increased 7.4%.
The gross profit margin for the third quarter was 15.1%, which is an increase of 30 basis points year over year.
“Additionally, this summer, consistent with normal industry practice, we will introduce a new model year lineup,” said Bob Martin, President and CEO of Thor Industries.
“That optimism is based in the fundamentals of our business, our people, our long-term strategies and an undeniably robust interest in the RV lifestyle on a global basis,” added Martin.
Outlook: Thor Industries lowered FY24 sales guidance from $10 billion-$10.5 billion to $9.8 billion-$10.1 billion, compared to the $10.17 billion estimate.
Thor Industries lowered FY24 EPS guidance from $5.00 – $5.50 to $4.50 – $4.75 versus the $5.19 estimate.
Price Action: THO shares are trading lower by 0.80% to $95.19 at last check Wednesday.
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