The manufacturer of recreational vehicles (RVs) reduced its outlook for full-year sales and profits per share (EPS) as CEO Bob Martin said that the macroeconomic circumstances continued to be a “headwind.”
On Wednesday, the manufacturer of recreational vehicles (RV), Thor Industries (THO), reduced its forecast as a result of what it referred to as “challenging market conditions” in North America.
The earlier projection of $10.0 billion to $10.5 billion for Thor’s fiscal 2024 revenue was reduced to $9.8 billion to $10.1 billion, a significant decrease from the previous estimate. The range of $5.00 to $5.50 that it had previously projected for earnings per share (EPS) was trimmed to $4.50 to $4.75 by the company thereafter.
In addition, the business said that, based on the current order intake, it anticipates wholesale shipments to North America of between 315,000 and 325,000 units. This reflects a decrease from the previous projection of 330,000 to 340,000 units.
According to the CEO of Thor, “Macroeconomic Conditions Continue to Be a Headwind.”
Bob Martin, the Chief Executive Officer (CEO), said that “macroeconomic conditions continue to be a headwind to our markets.” Thor will “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. He also stated that Thor would not pursue market share gains that were just temporary. He said that the results of the current quarter would be affected as a consequence of all of that.
During the third quarter of the fiscal year, Thor reported an earnings per share of $2.13, although the company’s sales dropped by 4.4% to $2.80 billion. Both were higher than the forecasts that were provided by Visible Alpha in the consensus of analysts.
As of Wednesday at noon Eastern Time, shares of Thor Industries had dropped by little more than one percent, reaching $94.87. This year, the company’s stock has dropped by around twenty percent.