Thor Industries reports Q2 EPS 13c with charge, consensus 67c

Reports Q2 revenue $2.21B, consensus $2.27B.Q2 EPS inclusive of a $14.7M charge related to the November 15, 2023 refinancing of the company’s debt facilities. “Our fiscal second quarter, similar to the prior-year period, presented a challenging operating environment as seasonally lower retail demand and cautious dealer sentiment impacted our results. As macro conditions continue to pressure the top-line, our teams proactively navigated through the retail offseason to improve the competitive positioning of our operating companies and independent dealer partners. Notably, we continued to work with our North American independent dealer partners to closely match wholesale production with the pace of retail sales and we enacted promotional programs to assist independent dealers in moving prior-model-year units and stimulate retail demand. With the rapid increase in interest rates over the past year, dealers face elevated floorplan financing costs that have put substantial pressure on their operations. As a result, we currently believe that even though the levels and mix of channel inventory are well-positioned ahead of the retail selling season, dealers will remain focused on limiting inventory levels as they manage interest expense,” said Bob Martin, President and CEO of THOR Industries.”Over the long term, we remain encouraged as attendance figures at recent retail RV shows and consumer interest in the lifestyle remain strong. Our teams will continue to monitor evolving market trends as we progress through the upcoming selling season, and we remain highly confident in our operating teams and flexible business model to deliver value for our independent dealer partners and end consumers,” added Martin.