Thor Industries Slashes FY24 Outlook As Q2 Results Miss Estimates
(RTTNews) - Thor Industries, Inc. (THO), manufacturer of recreational vehicles, reported Wednesday that net income attributable to the company for the second quarter was $7.22 million or $0.13 per share, sharply down from $27.08 million or $0.50 per share in the prior-year quarter.
Net sales for the quarter declined 11.9 percent to $2.21 billion from $2.35 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share on net sales of $2.27 billion for the quarter. Analysts' estimates typically exclude special items.
Based on current North American order intake levels through the end of February, the Company is lowering its consolidated net sales and earnings per share guidance ranges to reflect a lowered fiscal year 2024 North American industry wholesale shipment range of between 330,000 and 340,000 units, which is more conservative than its previous shipment range of between 350,000 and 365,000 units.
Looking ahead to fiscal 2024, the company now projects earnings in a range $5.00 to $5.50 per share on net sales between $10.0 billion and $10.5 billion.
Previously, the company expected earnings in the range $6.25 to $7.25 per share on net sales between $10.5 billion and $11.0 billion.
The Street is looking for earnings of $6.69 per share on revenues of $10.65 billion for the year.
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