Thor Industries shares down as forecast comes up short

Shares of Thor Industries Inc.
THO,
+2.03%
fell after hours Monday after the RV maker forecast full-year profit and sales that missed expectations, adding that it expected subdued consumer demand to continue in the months ahead. Management said it expected full-year sales of $10.5 billion to $11.0 billion, with earnings per share of $6.25 to $7.25, compared to FactSet forecasts for $10.86 billion and $7.12, respectively. Shares were down 1.7% after hours. The forecast comes as the RV industry tries to adjust to waning RV demand, after the pandemic spurred greater enthusiasm for outdoor activity. Thor reported fiscal fourth-quarter net income of $91.3 million, or $1.68 a share, well down from $281.8 million, or $5.15 a share, in the same quarter last year. Revenue fell to $2.74 billion from $3.82 billion in the prior-year quarter. Analysts polled by FactSet expected Thor to report earnings per share of 95 cents on sales of $2.43 billion. Chief Executive Bob Martin cited “mixed economic data and consumer trends that are expected to continue into fiscal 2024,” but said the RV maker would “continue to take a very disciplined approach to production planning” as it tries to manage costs to be better-positioned for an industry rebound.