FY24 consensus $6.69. Cuts FY24 revenue view to $10B-$10.5B from $10.5B-$11B, consensus $10.65B. Sees FY24 consolidated gross profit margin in the range of 14.0% to 14.5% (previously 14.5% to 15.0%). The company’s fiscal 2024 guidance has been revised to reflect challenging market conditions expected to persist into the second half of fiscal 2024. Based on current North American order intake levels through the end of February, the Company is lowering its consolidated net sales and diluted earnings per share guidance ranges to reflect a lowered fiscal year 2024 North American industry wholesale shipment range of between 330,000 and 340,000 units, which is more conservative than our previous shipment range of between 350,000 and 365,000 units. “The combination of the delay in interest rate relief and softer return of the retail market as the macroeconomic challenges persist has delayed the return of stronger top and bottom lines from our expectations at the beginning of our fiscal year. Because we have not assumed any material relief from these macroeconomic challenges through the balance of fiscal 2024, we have revised our guidance to match our current outlook and will continue to manage the business in line with this more cautious view. While this delay will impact our earnings results in fiscal 2024, we have strong confidence in our ability to deliver on our revised fiscal 2024 outlook,” concluded Martin.
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