Thor Industries Inc. (THO) missed analysts’ expectations on revenue and earnings for the first quarter of 2019, sending shares plummeting 7.6% in premarket hours on Thursday.
Net sales fell 21.3% to $1.76 billion versus the year-ago period. Net income dropped to $14 million or $0.26 per share from $128.4 million or $2.43 per share in the prior-year period. The quarterly results were significantly impacted by costs related to the acquisition of Erwin Hymer Group (EHG) which amounted to $57.1 million or $1.02 per share.
Sales for the Towable RV segment dropped 21%, driven mainly by lower unit volume and higher discounts. The backlog in this segment decreased 58.5% to $1.02 billion. Sales in the Motorized RV segment declined 23.9%, mainly due to lower unit sales. Backlog decreased 34.1% to $740.2 million, reflecting the impact of capacity additions on improving delivery times.
In September, Thor announced the acquisition of Erwin Hymer Group, which is progressing according to plan. The deal is expected to close by the end of this calendar year and to be accretive to earnings in fiscal 2019, before taking into account anticipated efficiencies, purchase accounting adjustments and transaction-related expenses.
Looking ahead, Thor remains focused on the long term and is optimistic about global growth opportunities. Retail trends in the RV industry, new customers and growth in demand for outdoor products and experiences are expected to boost growth for the company.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
CCL Earnings: Carnival Corp. Q4 2024 revenue rises 10%
Carnival Corporation & plc. (NYSE: CCL) Friday reported strong revenue growth for the fourth quarter of 2024. The cruise line operator reported a profit for Q4, compared to a loss
Key metrics from Nike’s (NKE) Q2 2025 earnings results
NIKE, Inc. (NYSE: NKE) reported total revenues of $12.4 billion for the second quarter of 2025, down 8% on a reported basis and down 9% on a currency-neutral basis. Net
FDX Earnings: FedEx Q2 2025 adjusted profit increases; revenue dips
Cargo giant FedEx Corporation (NYSE: FDX), which completed an organizational restructuring recently, announced financial results for the second quarter of 2025. Second-quarter earnings, excluding one-off items, were $4.05 per share,
Comments