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Net sales from the North American Towable RVs fell 58.2% Y/Y, North American Motorized RVs declined 24.4%, and European RVs decreased 10.6%.
EPS of $0.50 missed the analyst consensus of $1.01.
Gross profit margin decreased 530 basis points Y/Y to 12.1%. Selling, general and administrative expenses fell 21.9% Y/Y to $208.7 million.
As of Jan. 31, 2023, the inventories amounted to $1.9 billion. The company held $281.6 million in cash and equivalents as of Jan. 31, 2023.
“While near-term demand will continue to be influenced by macroeconomic conditions, we believe the recent softening in demand to be temporary,” said CEO Bob Martin,
Outlook: Thor cuts FY23 sales outlook from $11.5 billion – $12.5 billion to $10.5 billion – $11.5 billion.
Thor cuts FY23 EPS guidance from $7.40 – $8.70 to $5.50 – $6.50.
The company’s revised outlook anticipates that higher interest rates, elevated prices, and a full North American dealer inventory will result in slower product pull-through for the balance of the fiscal year.
Price Action: THO shares traded lower by 9.27% at $84.00 in premarket on the last check Tuesday.
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