Thor Industries Shares Surged: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Thor Industries (NYS: THO) surged by as much as 21% today after the company reported fourth-quarter and full fiscal-year earnings last night ahead of analyst estimates.
So what: The maker of recreational vehicles put up quarterly revenue of $770.5 million, rising 16%, and net income of $36.9 million, or $0.66 per share. Net income fell from last year's $0.78 amid weak sales of motorhomes, but remained better than what Wall Street analysts were looking for. The consensus called for $769.1 million and $0.61 per share.
Now what: Shareholders are breathing a sigh of relief on optimistic earnings amid a challenging macro environment for RVs. Thor sees bus sales rising next year as the public-transportation market picks up and RV dealers continue to place orders. For the full fiscal year, net income landed at $106.3 million, or $1.92 per share, on revenue of $2.76 billion. It's encouraging for the company that it was able to grow top-line revenue by 21% as the broader economy has had its speed bumps and high gas prices take their toll on pricy RV sales.
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