Thor Industries (NYSE:THO) reported a quarterly profit of $2.53 per share, well above the $1.81 consensus estimate, with revenue also topping Wall Street forecasts. Thor said its business performed “exceedingly well” during the quarter given ongoing macroeconomic headwinds.
The Elkhart, Indiana-based Thor reported net sales for the first quarter were $3.11 billion, a decrease of 21.5% compared to the record first quarter of fiscal 2022 but an increase of 22.5% over the same quarter of fiscal year 2021. Consolidated gross profit margin for the first quarter was 15.7%, a decrease of 90 basis points when compared to the first quarter of fiscal year 2022 but an 80 basis point improvement over the first quarter of fiscal year 2021.
Earnings per share for the first quarter were $2.53 per diluted share, down from $4.34 per diluted share in the same period of the prior fiscal year but up from $2.05 per diluted share in the first quarter of fiscal year 2021.
Net cash provided by operations for the first quarter of fiscal 2023 was $94.0 million as compared to net cash provided by operations of $41.8 million for the first quarter of fiscal 2022.
During the first quarter, the Company continued to execute on its share repurchase program, repurchasing $25.4 million of common stock, bringing the total amount repurchased since the December 2021 authorization to $190.5 million.
THO shares leaped $1.64, or 2%, to $85.64.
