: Thor Industries stock drops as RV slowdown cuts 2023 profit view, misses Q2 forecast


Thor Industries Inc. THO, +0.58% fell 9% in premarket trades after the recreational vehicle (RV) maker missed its second-quarter profit target and cut its 2023 earnings forecast to $5.50 to $6.50 a share from $7.40 to $8.70 a share previously. Wall Street analysts currently expect Thor Industries to earn $7.53 a share, according to estimates compiled by FactSet. “Our revised guidance anticipates that higher interest rates, elevated prices, and a full North American dealer inventory will result in slower product pull through for the balance of our fiscal year,” the company said. Thor Industries said its second-quarter profit fell sharply to $27.1 million, or 50 cents a share, from $266.6 million, or $4.79 a share, in the year-ago quarter. Thor Industries was expected to earn 99 cents a share, according to FactSet data. Second-quarter sales dropped to $2.35 billion from $3.88 billion and fell short of the analyst target of $2.43 billion.

This article was originally published by Marketwatch.com. Read the original article here.

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