Thor Industries, Inc. (NYSE:THO) shares are up Wednesday after the company posted better-than-expected third-quarter financial results.
What To Know: Thor reported quarterly earnings of $2.24 per share, which beat the analyst consensus estimate of $1.07. However, this is a 64.56% decrease over earnings of $6.32 per share from the same quarter last year.
Quarterly sales came in at $2.93 billion, beating the analyst consensus estimate of $2.83 billion, although this represents a 37.10% decrease over sales of $4.66 billion the same quarter last year.
The company raised its fiscal year 2023 earnings per share guidance to a range between $5.80 and $6.50, versus estimates of $5.48. This is a boost from previous guidance of between $5.50 and $6.50.
Bob Martin, president and CEO of Thor Industries spoke about the challenges the company met, saying, “Market conditions continue to be challenging as dealers and consumers face increasing pressures from the macro environment. In this difficult setting, we remain focused on executing our business model that enables us to quickly adapt to market conditions.”
Several analysts raised their price targets on Wednesday, ranging from $84 to $115.
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THO Price Action: Shares of THO were up 0.31% at $93.44 at the time of publication, according to Benzinga Pro.
Image by Jill Wellington from Pixabay
