According to several news sources Wednesday, THOR Industries’ stock fell after the recreational vehicle maker missed quarterly profit expectations. The company cut its 2024 guidance in the face of a challenging environment, news sources said.
THOR Industries (THO) stock moved lower by 14% in morning trades, according to Dow Jones Newswires via Morningstar. Other RV stocks also fell, with Winnebago industries Inc. (WGO) down by about 5%, and RV seller Camping World (CWH) off 3%, while chassis maker LCI Industries Inc. (LCII) dropped 4.2%.
THOR is based in Elkhart, Indiana, and owns Airstream, among other brands. The company said the rapid increase in interest rates in the past year has impacted its dealers, who face “elevated floorplan financing costs.”
The company lowered its fiscal 2024 earnings guidance to $5.00 to $5.50 a share, from its earlier projection of $6.25 to $7.25 a share, according to Morningstar. The latest FactSet consensus estimate is for fiscal 2024 earnings of $6.69 a share.
“Similar to last year, our fiscal second-quarter financial results were impacted by cautious wholesale ordering patterns by our North American independent dealers in response to challenging seasonal market conditions and the elevated interest rate environment,” the company said.
For more information from THOR’s latest earnings reports, read more here.
For more from this Morningstar report, click here.
