- Thor Industries Inc (NYSE: THO) reported a third-quarter FY23 net sales decline of 37.1% year-on-year to $2.93 billion, beating the consensus of $2.83 billion.
- EPS of $2.24 beat the analyst consensus of $1.07.
- "In North America, moderately higher production volumes compared to our second quarter along with greater activity on dealer lots than we saw last quarter resulted in operating results that well exceeded our fiscal 2023 second quarter results," said Bob Martin, President and CEO of the company.
- Net sales from North American Towable RVs declined by 57.4% Y/Y, North American motorized RVs fell by 24.4%, and European RVs increased by 19.7%.
- The consolidated gross profit margin for the third quarter was 14.8%, a decrease of 250 basis Y/Y.
- As of quarter-end, the company held $353.23 million in cash and equivalents.
- "Combined, our efforts to move model year 2022 units through the retail cycle and our disciplined production of model year 2023 units to lower overall channel inventory levels position us well for the model year 2024 rollout. While we anticipate these efforts will result in sequentially lower fiscal fourth quarter financial results, we believe these strategies will bolster our relative performance next fiscal year," added Martin.
- FY23 Outlook: The company sees consolidated net sales of $10.5 billion-$11 billion (previously $10.5 billion- $11.5 billion). The Street view is at $10.96 billion.
- EPS is expected to be $5.80-$6.50 (previously $5.50-$6.50) against the consensus of $5.64.
- Price Action: THO shares are trading higher by 9.90% to $87.00 in the premarket session on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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