ELKHART, Ind. - Thor Industries , Inc. (NYSE: NYSE:THO) reported weaker-than-expected fiscal first quarter results as RV demand remained soft, sending shares down 4% in premarket trading.
The recreational vehicle maker posted a loss of $0.03 per share for the quarter ended October 31, compared to consensus expectations of $0.707 and earnings of $0.99 per share in the year-ago period. Revenue fell 14.3% YoY to $2.14 billion versus estimates of $2.25B.
Thor's results were impacted by continued weakness in RV retail and wholesale markets. North American towable RV sales declined 4.9% YoY, while North American motorized RV sales plunged 29%. European RV sales dropped 14.6%.
"As we forecasted, our performance through the first quarter of our fiscal year 2025 continued to be impacted by the soft retail and wholesale environment," said Bob Martin, President and CEO of Thor Industries.
The company maintained its full-year fiscal 2025 guidance, expecting consolidated net sales of $9.0 billion to $9.8 billion and earnings per share of $4.00 to $5.00.
Thor said it incurred about $15.5 million in strategic restructuring costs during the quarter, which are expected to generate over $10 million in annual savings going forward.
"We remained focused on what we could control in this market as we continued to position the Company to excel when a stronger retail market inevitably returns," said Todd Woelfer, Senior VP and COO.
Despite the challenging quarter, Thor expects market conditions to improve in the latter half of fiscal 2025, particularly in North America.
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