Thor Industries Q3 Sales up 13% (THO)
Shares of Thor Industries Inc. (NYSE: THO) gained about 3% in afterhours trading on Thursday after the recreational vehicle maker said that fiscal third quarter profit rose 6%, aided by strong sales.
Still, adjusted earnings missed Street’s forecast. Revenue matched estimate.
For the fiscal third quarter, the Jackson Center, Ohio-based Company reported a profit of $43.8 million or 82 cents a share compared to a profit of $41.3 million or 78 cents a share, in the same quarter of last year. Analysts surveyed by Thomson Reuters were expecting earnings of 88 cents a share.
Stripping out impairment charges linked to the sale of its ambulance product line, earnings stood at 97 cents in the fiscal third quarter.
Sales soared 13% to $1.05 billion from $926.5 million, in the same quarter of last year. Analysts’ consensus estimate was for revenue of $1.05 billion.
Sales of recreational vehicles are considered as an important gauge on the health of the economy. Since it is discretionary spending, increase or decrease in purchases provides fairly good idea over the macroeconomic environment.
Speaking to analysts in a conference call, President and Chief Operating Officer, Bob Martin said to analysts in a conference call, “While our markets remain competitive, we are now in the middle of the peak selling season for the RV industry, when demand improves and discounting tends to stabilize, leaving us in a strong position to finish out the year.”
While revenue from recreational vehicles, which generates bulk of the top line, rose 15% to $807.2 million, it improved marginally to $119.4 million from $119.3 million, in the same quarter of last year.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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