By Mark R. Long
Thor Industries said it swung to a quarterly loss amid soft recreational-vehicle demand and spending to streamline the company, but it stuck by its outlook for the full year.
The maker of Airstream and Jayco RVs Wednesday reported a net loss of $1.8 million, or 3 cents a share, compared with net income of $53.6 million, or 99 cents a share a year earlier. Net sales slipped 14% to $2.14 billion.
Analysts polled by FactSet had forecast GAAP earnings of 63 cents a share on revenue of $2.24 billion.
"From an EPS perspective, this quarter was disappointing but not fully unexpected due to the challenging macro environment," Chief Operating Officer Todd Woelfer said. He added that nonrecurring costs from strategic moves to flatten the organization would allow more efficient performance.
The Elkhart, Ind., company said sales of towable RVs in North America fell 4.9% and sales of motorized RVs in the region dropped 29% on a softening in dealer and consumer demand. European RV sales fell 14.6%.
The company maintained its guidance for 2025 fiscal year EPS of $4 to $5, on net sales of $9 billion to $9.8 billion.
Shares of Thor Industries fell 4.3% to $103.84 in premarket trading. The stock was down 8.3% from the start of the year as of Tuesday's close.
Write to Mark R. Long at mark.long@wsj.com
(END) Dow Jones Newswires
December 04, 2024 07:05 ET (12:05 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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