Thor Industries, Inc. THO reported a first-quarter, fiscal year 2024 sales decline of 19.5% year-on-year to $2.501 billion, missing the analyst consensus of $2.53 billion.
Net sales from the North American Towable RVs fell 28.3% Y/Y, North American Motorized RVs declined 36.7%, and European RVs increased 40.4%.
EPS of 99 cents missed the analyst consensus of $1.05.
Gross profit margin decreased 140 basis points Y/Y to 14.3%.
As of Oct. 31, 2023, the inventories amounted to $1.71 billion.
As of quarter end, the company held $425.82 million in cash and equivalents.
Outlook Reiterated: Thor sees FY24 sales of $10.5 billion - $11 billion against the consensus estimate of $10.62 billion.
It expects FY24 EPS of $6.25 - $7.25 versus the consensus estimate of $6.71.
The company sees FY24 gross profit margin in the range of 14.5% to 15.0%.
Price Action: THO shares are trading higher by 6.66% at $109.99 on the last check on Wednesday.
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