Shares of Thor Industries (NYSE:THO) declined 1% in extended trading despite the company’s fiscal fourth quarter results surpassing expectations on the top and bottom lines, following a 2% gain during the Monday session.
The recreational vehicles producer posted earnings of $1.68 per share, down from $5.15 per share a year earlier and topping Street expectations of $0.96 per share. Revenue was $2.74 billion, a decrease of 28% from the year-ago quarter and above expectations of $2.42 billion.
“Building off our fiscal third quarter performance, our fiscal fourth quarter results reflect the continuation of strong financial performance in our European segment and disciplined execution in our North American RV segments to close out fiscal 2023,” CFO Colleen Zuhl said in a statement.
Looking ahead, Thor projects fiscal 2024 revenue between $10.5 billion and $11 billion on diluted earnings per share between $6.25 and $7.25.
“Our operational performance in the second half of fiscal 2023 provides a solid foundation as we enter fiscal 2024,” CEO Bob Martin said. “Despite mixed economic data and consumer trends that are expected to continue into fiscal 2024, our experienced operating management teams and proven business model continue to give us an advantage in navigating uncertainty.”
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