Monday, Thor Industries, Inc. (THO), a recreation vehicles maker and commercial bus builder, reported a substantial fall in first-quarter earnings as sales dropped 42.5% year-over-year.
Jackson Center, Ohio-based Thor's net income for the first quarter plunged to $5.12 million or $0.09 per share from $38.21 million or $0.68 per share in the prior-year quarter.
On average, 4 analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly net sales for the quarter dropped to $438.82 million from $763.74 million in the year-ago quarter, missing analysts' estimate of $439.20 million.
Segment-wise, Recreation Vehicle sales for the quarter were $330.4 million, down 50% from $664.2 million last year. Bus sales in the quarter were $108.4 million, up 9% from $99.5 million last year.
For the quarter, net corporate costs were $2.8 million versus $1.3 million last year.
THO is currently trading at $13.58, down $2.06 or 13.17% on the NYSE.
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