THOR Industries, Inc.'s shares have witnessed a notable drop of over 13% this Wednesday morning, triggered by underwhelming second-quarter results that failed to meet analysts' projections. The company, known for its production of recreational vehicles, has also reduced its full-year forecast.
The net income of the second quarter demonstrated a decrease, falling to $7.2 million or $0.13 per share as compared to the past year's return of $27.1 million or $0.50 per share. These figures deviate considerably from the $0.67-per-share average estimated by the 11 analysts surveyed by Thomson-Reuters.
Sales for this quarter have also dwindled, falling to $2.21 billion from the $2.35 billion of the previous year, which is marginally less than the consensus prediction of $2.27 billion.
Facing the stark reality of these results, the company has made the decision to lower its expected full-year net sales range to between $10.0 billion and $10.5 billion from the previously forecasted range of $10.5 billion and $11.0 billion. Consequently, the earnings per share for the year are likely to drop to the range of $5.00 to $5.50 from the initially projected $6.25 to $7.25.
Analysts are currently projecting that the company will report annual earnings of $6.69 per share on a revenue of $10.65 billion. In the past year, THO's trading range has moved between $105.51 and $110.63 and is currently sitting at $109.06.
