Thor Industries (NYSE:THO) shares slipped Tuesday after it warned that it expects net sales to decline in the coming year. For the quarter just ended, Thor posted $1.68 in earnings per share on $2.74 billion of revenue. Analysts were looking for 96 cents in earnings per share on $2.42 billion of revenue. Thor had outperformed so far this year going into the report, climbing 26% year-to-date through Monday.
Consolidated gross profit margin for the fourth quarter was 14.4%, a decrease of 310 basis points when compared to the fourth quarter of fiscal year 2022. Net income attributable to THOR Industries and diluted earnings per share for the fourth quarter of fiscal 2023 were $90.3 million and $1.68, respectively, compared to $280.9 million and $5.15, respectively, for the prior-year period. During the fourth quarter of fiscal 2023, net cash provided by operations totaled $507.5 million and the Company made principal payments of $300.0 million on its Term Loan and $50.0 million on its ABL.
Said CEO Bob Martin, “Our fiscal fourth quarter results demonstrate a continued focus on solid execution and our ability to consistently perform through changing market conditions. Our European segment achieved another quarter of record performance while our North American operating teams made further progress with our independent dealers to reduce and rebalance channel inventory ahead of the model year 2024 rollout.”
THO shares felt $3.32, or 3.5%, to $91.50.
