Thor Industries Rises In Pre-market On Sharp Increase In Earnings, Topping Estimates

(RTTNews) - Shares of recreational vehicles maker Thor Industries, Inc. (THO) are nearly 2% up in pre-market on Wednesday after reporting significant earnings and revenue growth in the first quarter, beating the consensus estimates.

Net earnings in the first quarter more than doubled to $242.2 million or $4.34 per share from $113.8 million or $2.05 per share in the same quarter a year ago. On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $3.24 per share.

Net sales for the quarter increased 56% year-over-year to $3.96 billion, driven by strong demand for the company's RV products. The consensus estimate was for $3.46 billion.

"In the first quarter, our global order backlog increased to more than $18 billion, reaffirming our view that the dealer restocking process will still take a number of quarters to complete and could possibly extend into calendar 2023," said Bob Martin, President and CEO of THOR Industries.

Thor Industries stock closed Tuesday's regular trade at $106.39, down $3.53, or 3.21%. It is currently at $108.26.