Thor Industries Shareholders Grapple with Lowered FY24 Guidance
1min read Thor Industries, the world's largest RV maker, reported Q2 (Jan) earnings of $0.13 per share, missing analyst estimates by $0.54. Revenue for the quarter fell 5.9% year-over-year to $2.21 billion, also missing estimates. The company issued downside guidance for FY24, predicting EPS well below estimates and a decline in revenue.
Macro-economic conditions continued to hamper the RV industry in Q2, with inflationary pressures and elevated interest rates dampening consumer demand for RVs. Thor Industries adjusted wholesale production to align with retail sales pace, leading to plant shutdowns and layoffs across factories.
Europe, accounting for about a third of Thor's sales, faced similar challenges with constrained supply. Despite a minor bright spot in retail registrations, North America's economic hurdles led to lowered FY24 projections.
Management remains optimistic about long-term demand but anticipates cautious buying behavior from dealers throughout the year.
Thor Industries' stock rally over the past months may face pressure due to the lowered guidance. The $100 level looms below as crucial support in maintaining the long-term symmetrical triangle posture in the stock.