Thor Industries Slashes FY23 Outlook As Q2 Results Miss Estimates

(RTTNews) - Thor Industries, Inc. (THO), manufacturer of recreational vehicles, reported Tuesday that net income attributable to the company for the second quarter was $27.08 million or $0.50 per share, sharply down from $266.57 million or $4.79 per share in the prior-year quarter.

Net sales for the quarter declined 39.4 percent to $2.35 billion from $3.88 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.01 per share on net sales of $2.49 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects earnings in a range $5.50 to $6.50 per share on net sales between $10.5 billion and $11.5 billion.

Previously, the company expected earnings in the range $7.40 to $8.70 per share on net sales between $11.5 billion and $12.5 billion.

The Street is looking for earnings of $7.56 per share on revenues of $11.52 billion for the year.

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