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Key Takeaways
- Thor Industries on Wednesday warned about falling demand in North America.
- The RV maker cut its full-year revenue and earnings per share (EPS) guidance as CEO Bob Martin said macroeconomic conditions remained a “headwind.”
- Thor’s fiscal 2024 third-quarter EPS and revenue exceeded forecasts.
Recreational vehicles (RV) maker Thor Industries (THO) on Wednesday lowered its guidance as it faced what it called “challenging market conditions” in North America.
Thor slashed its fiscal 2024 revenue outlook to $9.8 billion to $10.1 billion from the previous estimate of $10.0 billion to $10.5 billion. It reduced its earnings per share (EPS) forecast to $4.50 to $4.75 from the earlier $5.00 to $5.50 range.
The company added that based on current order intake, it sees North American wholesale shipments of between 315,000 and 325,000 units, down from its prior expectation of 330,000 to 340,000.
Thor CEO Says ‘Macroeconomic Conditions Remain a Headwind’
Chief Executive Officer (CEO) Bob Martin said that “macroeconomic conditions remain a headwind to our markets.” He explained that Thor would “maintain operational discipline and will not chase temporary market share gains that require excessive degradation to our margins and the value of our brands.” He noted because of all that, current-quarter results will be impacted.
The news came as Thor posted fiscal third-quarter EPS of $2.13, with revenue falling 4.4% to $2.80 billion. Both were above consensus analyst estimates compiled by Visible Alpha.
Thor Industries shares were down just over 1% to $94.87 as of noon ET Wednesday and are about 20% lower this year.