Thor Industries, Inc. (NYSE:THO) saw its shares move sharply lower Wednesday, on quarterly figures.
The company, based in Elkhart, Indiana announced second- quarter results with net sales of $1.29 billion, compared with the record second-quarter revenue posted in the prior year.
Net loss was ($5.4) million and diluted loss per share for the second quarter of fiscal 2019 was $(0.10), respectively. Second-quarter results reflect acquisition-related costs totaling $42.1 million, or $0.75 per share, and compare to record second-quarter net income in the prior-year of $79.8 million, and diluted earnings per share in the prior year of $1.51.
Wednesday morning’s news release showed second-quarter fiscal 2019 financial results reflect the impact of balancing production with market demand, as wholesale shipments declined relative to retail sales as dealers continued to sell through existing inventories before placing orders for new product, and various acquisition-related costs.
According to CEO Bob Martin, "We made considerable progress on a number of fronts in the second quarter, supported by a positive start to the 2019 retail show season, with a number of the larger shows posting strong attendance levels, which supports our view of a stable long-term retail environment.
"We were also pleased to have closed our acquisition of EHG just after the end of the second quarter. This transformational acquisition represents a major step forward in our long-term strategic growth plan, and our entire team is focused on integrating EHG and providing strong returns for our shareholders.
Shares dropped $1.30, or 2%, to $63.27
